NEW YORK, Dec. 19 /CNW/ -- Hollinger International Inc.
(NYSE: HLR) ("the Company") today announced that its subsidiary Hollinger
Canadian Publishing Holdings Co. ("HCPH") has entered into agreements to sell
its 70 percent interest in Great West Newspaper Group Ltd. ("Great West") and
its 50 percent interest in Fundata Canada Inc. ("Fundata") to Jamison
Newspapers Inc. ("Jamison") and Glacier Ventures International Corp.
("Glacier") (TSX: GVC) ("Glacier") for total consideration of approximately
CDN$47.1 million, or approximately US$40.5 million. Upon completion of the
sale of Great West to Jamison, Glacier will purchase a 50% interest in Great
West from Jamison. The Company said that it expects the transactions to close
by year-end 2005.
Great West Newspaper Group Ltd. is a Canadian community newspaper
publishing company which publishes 16 titles, mostly in Alberta, and includes
a web printing division that offers commercial printing to the Group and a
wide variety of commercial customers. Fundata is a Toronto-based provider of
mutual fund data and analysis.
The Company said that it is in discussions with Glacier concerning the
possible sale to Glacier of its remaining Canadian assets. The Company said
that no agreement has been reached concerning the sale of these assets, and
that there can be no assurance that an agreement will ultimately be reached.
"Over the past two years, through our strategic process, we have
undertaken a series of initiatives designed to maximize value for our
shareholders. The transactions we are announcing today represent another step
toward that end," said Gordon A. Paris, Chairman and Chief Executive Officer
of Hollinger International. "Great West and Fundata are outstanding media
properties and we believe that they will continue to thrive with their new
owner."
About Hollinger International
Hollinger International Inc. (http://www.hollingerinternational.com) is a
newspaper publisher whose assets include The Chicago Sun-Times and a large
number of community newspapers in the Chicago area as well as in Canada.
Cautionary Statement on Forward-Looking Statements
Certain statements made in this release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act of 1995
(the "Act"). Forward-looking statements include, without limitation, any
statement that may predict, forecast, indicate or imply future results,
performance or achievements, and may contain the words "believe,"
"anticipate," "expect," "estimate," "project," "will be," "will continue,"
"will likely result" or similar words or phrases. Forward-looking statements
involve risks and uncertainties, which may cause actual results to differ
materially from the forward-looking statements. The risks and uncertainties
are detailed from time to time in reports filed by Hollinger International
with the Securities and Exchange Commission, including in its Forms 10 K and
10 Q. New risk factors emerge from time to time and it is not possible for
management to predict all such risk factors, nor can it assess the impact of
all such risk factors on the Company's business or the extent to which any
factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements. Given these
risks and uncertainties, investors should not place undue reliance on forward-
looking statements as a prediction of actual results.
Contacts:
Molly Morse / Jeremy Fielding
Kekst and Company
212-521-4826/4825
molly-morse@kekst.com
jeremy-fielding@kekst.com
