By: Lucia Moses Press baron Conrad Black, also known as Lord Black of Crossharbour -- having gotten his long-coveted toehold in the New York media realm -- now has entered two other centers of influence: the Hamptons on Long Island, N.Y., and Capitol Hill in Washington.
Black's company, Hollinger International Inc., announced Thursday it bought an interest in News Communications Inc., parent of
Dan's Papers in the Hamptons, and
The Hill, a chronicler of the U.S. Congress.
Black has made few acquisitions since selling off big chunks of the company in recent years.
Late last year, he chipped in about $2 million to back
The New York Sun, a city-centric broadsheet that hit the streets in the spring.
Under the latest deal, Hollinger formed a partnership with News Communications CEO and President James A. Finkelstein that will own about 29% of the company's outstanding shares and have voting control. The price was not disclosed.
Hollinger shares closed Thursday at $12.23, up 0.7%.
News Communications had been looking for a savior after financial troubles forced it to sell some of its New York-area weeklies. The company continues to own five in the New York area, in addition to
The Hill. Finkelstein, who took over the company a year ago, said he hoped to start and buy other national and professional papers like
The Hill.
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