By: E&P Staff The $13.2 million sale of The Jerusalem Post by a Hollinger International Inc. subsidiary to the Israeli publisher Mirkaei Tikshoret Ltd. has been completed, Hollinger announced Thursday.
The cash sale was part of Hollinger's ongoing "strategic process" of shedding properties in the aftermath of allegations that former Chairman Conrad Black and other key executives "looted" the newspaper publisher of more than $400 million by improperly collecting fees and payments.
"We are delighted to announce the completion of the sale of The Jerusalem Post and The Jerusalem Report, which marks another significant action taken by the Company to ensure that Hollinger International is best positioned to deliver value to shareholders now and in the future," Gordon Paris, Hollinger International's interim chairman and CEO, said in a statement.
Chicago-based Hollinger International's newspaper properties now consist of the Chicago Sun-Times and a large number of dailies and weeklies in the Chicago area and Canada.
The Jerusalem Post's buyer, Tel Aviv-based Mirkaei Tikshoret, is one of the biggest media groups in Israel. Its holdings include daily newspapers in Russian; weekly and monthly magazines in both Hebrew and Russian; and television and radio stations.
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