Oh, Canada! Hollinger International Exits Nation With $104M Deal
Posted: 1/11/2006 | By: E&P Staff
Hollinger International Inc. -- which started with a single Canadian daily and grew to be the world's third-largest English-language newspaper chain -- is selling virtually all its Canadian assets in a U.S.$104 million deal announced after markets closed Wednesday.
Hollinger said it had sold "substantially all" its Canadian properties to Glacier Ventures International Inc., which just two weeks ago closed on the $40.5 million purchase of Hollinger's stake in the Great West Newspaper Group, publisher of 16 papers, mostly in Alberta.
"With the transaction announced today, we can now focus our efforts entirely on leveraging the strength of our more than 100 media properties across the Chicago area, our Sun-Times News Group," Chairman and CEO Gordon A. Paris said in a statement.
Included in the latest deal are an approximately 87% stake in Hollinger Canadian Newspapers Limited Partnership (HCNLP) and all of the shares of Hollinger Canadian Newspapers GP Inc.; Eco Log Environmental Risk Information Services Ltd.; and KCN Capital News Company.
HCNLP publishes the following daily and weekly newspapers in British Columbia: the Nelson Daily News; West Kootenay Weekender; Cranbrook Daily Townsman; Kimberley Daily Bulletin; East Kootenay Weekly Extra; East Kootenay Weekly Weekender; Trail Times; Fernie Free Press; Grand Forks Gazette; Grand Forks Boundary Bulletin; Creston Valley Advance; Kamloops Daily News; Kamloops The Extra; Prince George Citizen; Prince George This Week; Prince George Extra; Alaska Highway News; North Peace Express; The Northerner; Peace River Block News; The Regional Advertiser; The Northern Horizon; The Mirror; Prince Rupert Daily News; and Prince Rupert Daily News Extra;
It also publishes the Real Estate Weekly and Kodiak Press in Vancouver, B.C.; and The Sherbrooke Record and Brome County News in the eastern townships of Quebec.
KCN publishes the Merritt News and Merritt News Extra in B.C.
Hollinger described Eco Log as an electronic information and report service provider that accesses federal, provincial, and private sector databases to help identify potential environmental risks in Canada for real estate developers, banks, insurance companies and a variety of other customers.