HOLLINGER SELLS CANWEST STAKE
By Adnews Staff
Hollinger Inc. has sold its stake in CanWest Global Communications Corp. to RBC Capital Markets for $271 million in cash. According to the publishing company, proceeds from the sale will be used to pay a special distribution to its unitholders. "Hollinger continues to view CanWest as a fine company with a very promising future," a release said. "However, it was preferable for Hollinger to continue its debt elimination strategy by taking advantage of the opportunity to monetize its entire CanWest shareholding." Earlier this year, Hollinger sold its 50% interest in the National Post to Winnipeg-based CanWest. Financial details of that transaction are unknown. CanWest had already owned the other half of the national newspaper. Hollinger's properties include The Telegraph Group Ltd. in Britain, the Chicago Sun-Times, The Jerusalem Post and a number of community newspapers in Chicago.