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Hollinger International: Daily Telegraph
built 424 days ago
In November 1997, Hollinger International announced it was selling about 40 percent of its U.S. community newspaper group. These included 160 weekly, small daily, and free circulation newspapers in 11 states with a combined circulation of approximately 900,000. The buyer was the Los Angeles-based Leonard Green and Partners LP, a firm which specialized in leveraged buyouts. The sale price was $310 million, which Hollinger International would use to reduce debt and finance the previously announced purchase of the Post-Tribune in Gary, Indiana. The sale was completed on January 27, 1998.
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The tone of the rant, at a Thursday meeting held to discuss a jointly owned printing plant, was apparently inspired by reports that German media giant Axel Springer might buy the Telegraph titles, which Hollinger International has put up for sale. Mr. Desmond dropped out of the bidding last month.
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BBC News - heard Lord Black accused of both being a crook, taking money that rightfully belonged to shareholders in Hollinger International, former owner of Britain’s Daily Telegraph, to fund a lavish personal lifestyle. They have ... heard the entrepreneur
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"It only takes one fraud charge and the man is disgraced and finished," said Joshua Rozenberg, legal editor of Daily Telegraph, which was once owned by Hollinger International. "He is clearly facing a lengthy prison sentence."
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