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Hollinger International: Companies
built 424 days ago
Hollinger International sold off 160 newspapers representing 40 percent of its U.S. community newspapers group (American Publishing Co.) in late 1997. A Los Angeles investment group, Leonard Green & Partners, paid $310 million for them. The rest of the community papers were sold to four buyers (Bradford Publications Company, Newspapers Holdings, Inc. of Alabama, Paxton Media Group, Inc., and Forum Communications Company) in August 2000 for $215 million. In July 1998, Hollinger International had acquired two small dailies in West Virginia and Pennsylvania from Thomson Newspapers.
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Hollinger International once owned community papers across the United States and Canada as well as the Chicago Sun-Times, the Toronto-based National Post, The Daily Telegraph of London and Israel's Jerusalem Post. The Sun-Times is the only large paper remaining and the name of the company has been changed to Sun-Times News Group, which includes The Herald News.
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For 1997, Hollinger International reported earnings of $104.5 million. Operating income was up, but overall earnings declined from the previous year's levels due to higher taxes, interest payments, and other expenses not directly related to operations. The company benefited from improved advertising revenues in a good business environment. It ... took steps to allay investor fears by reducing costs and making other improvements.
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One analyst at Jefferies & Company put the value of all of Hollinger International's papers at $2.05 billion. But the company Hollinger has hired to advise it on its future direction may find that the company would be worth more if its components are sold off in parts.
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Newspaper giant Hollinger International said yesterday it will pursue a sale of its London Daily Telegraph rather than sell the entire company. Lazard, the company's bankers, likely will complete a deal within the next 10 days, sources said.
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Hollinger International Inc.'s Internet operations garnered $4.4 million in revenue, up 267 percent from the $1.2 million in 1Q 1999. Internet venture costs affected the company's overall earnings estimates by $3.2 million (press release).
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