HOLLINGER TO SELL OFF U.S. NEWSPAPERS
By Adnews Staff
Hollinger International, the U.S. subsidiary of Hollinger Canada, plans to sell 45 of its U.S. newspapers to Community Newspaper Holdings of Birmingham, Alabama for $475 million. Under the deal, Hollinger will sell 45 of the newspapers from its community newspaper division, American Publishing Co. The newspapers are located in 14 states, with the largest clusters being in Texas, Oklahoma and Alabama. Twenty-eight of the newspapers are published daily. As part of the agreement, Hollinger will acquire the daily newspaper in Effingham, Illinois from CNHI. The deal is still subject to approval by the board of Hollinger. It is expected to close in early 1999.
Separately, Hollinger Canada made a bid last week to purchase Southam Inc. of Toronto, publisher of the new National Post.