LONDON: Publishing magnate Conrad Black has agreed to sell his controlling stake in Hollinger International Inc to billionaire brothers David and Frederick Barclay after the media company sued him and removed him as chairman.
The Barclay brothers said they would make a US$326.5mil offer, plus about US$140mil in debt, to buy Black’s interest in Toronto-based Hollinger Inc. The holding company controls about three-quarters of the voting stock of Hollinger International, owner of London’s Daily Telegraph and Sunday Telegraph and the Chicago Sun-Time newspapers.
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