BLACK TO TAKE BIGGER PIECE OF SOUTHAM
By Adnews Staff
Conrad Black wants to make sure there is no doubt about who owns Toronto-based newspaper chain Southam Inc. Hollinger International of Chicago, Black's newspaper publisher, says its plans to increase its share in Southam to 50.1% by offering to pay $18.75 a share to obtain seven million shares. The bid will be made through a circular to shareholders next month. Currently, Black owns 40.1% of Southam. Separately, Southam has bought seven daily newspapers from Toronto-based Thomson Corp. The newspapers are in Atlantic Canada and include the Evening Telegram of St. John's, the Western Star in Corner Brook, Newfoundland, the Guardian in Charlottetown and the Evening News in New Glasgow, Nova Scotia. The combined circulation of the papers is 130,000. Originally, Hollinger Inc. was going to buy the papers, which has a 41% stake in Southam. With the acquisition, Southam now publishes 32 daily newspapers.