Menu
19/01/2004
Barclay brothers close in on Telegraph titles
The billionaire Barclay brothers, the media moguls behind the Scotsman titles, are reported to have bought over the Daily and Sunday Telegraph for around £260 million.
It has been widely reported today that twins David and Frederick Barclay have agreed to buy over Conrad Black's Hollinger Inc which holds a controlling stake in Hollinger International. In the UK, Hollinger International's media assets include The Daily Telegraph, The Sunday Telegraph and The Spectator magazine. Global newspaper assets also include the Chicago Sun-Times, and a large number of community newspapers in the Chicago area, and The Jerusalem Post and The International Jerusalem Post in Israel.
On Sunday, Hollinger International Inc – which is listed on the New York Stock Exchange – said that its board of directors had received a letter from the Barclay-controlled Press Holdings International Limited "with respect to its intended takeover of Hollinger Inc".
"The company and the Board intend to review the offer for Hollinger Inc. and its implications for Hollinger International," the company's statement said.
On Saturday, the Hollinger board of directors announced that Conrad Black had been removed as non-executive chairman. The news came just a day after the company announced that it was seeking "disgorgement and damages" of over $200 million from Conrad Black and David Radler – plus the Black-controlled companies Ravelston and Hollinger Inc.
The complaint alleges that through “non-competition agreements” and "excessive management fees" tens of millions of dollars were siphoned away from the company. It is further alleged the Lord Black was involved in the diverting and usurping of corporate assets.
The suit also alleges unauthorized, unjustified or unwarranted amounts were paid to various defendants, the company’s books and records were altered, and information was misrepresented or omitted from statements to directors or shareholders.
The suit also alleges that more than $224 million in management fees paid to Hollinger Inc or Ravelston were far in excess of the cost of providing such services.
Lord Black denies the allegations.
(gmcg)
It has been widely reported today that twins David and Frederick Barclay have agreed to buy over Conrad Black's Hollinger Inc which holds a controlling stake in Hollinger International. In the UK, Hollinger International's media assets include The Daily Telegraph, The Sunday Telegraph and The Spectator magazine. Global newspaper assets also include the Chicago Sun-Times, and a large number of community newspapers in the Chicago area, and The Jerusalem Post and The International Jerusalem Post in Israel.
On Sunday, Hollinger International Inc – which is listed on the New York Stock Exchange – said that its board of directors had received a letter from the Barclay-controlled Press Holdings International Limited "with respect to its intended takeover of Hollinger Inc".
"The company and the Board intend to review the offer for Hollinger Inc. and its implications for Hollinger International," the company's statement said.
On Saturday, the Hollinger board of directors announced that Conrad Black had been removed as non-executive chairman. The news came just a day after the company announced that it was seeking "disgorgement and damages" of over $200 million from Conrad Black and David Radler – plus the Black-controlled companies Ravelston and Hollinger Inc.
The complaint alleges that through “non-competition agreements” and "excessive management fees" tens of millions of dollars were siphoned away from the company. It is further alleged the Lord Black was involved in the diverting and usurping of corporate assets.
The suit also alleges unauthorized, unjustified or unwarranted amounts were paid to various defendants, the company’s books and records were altered, and information was misrepresented or omitted from statements to directors or shareholders.
The suit also alleges that more than $224 million in management fees paid to Hollinger Inc or Ravelston were far in excess of the cost of providing such services.
Lord Black denies the allegations.
(gmcg)
Related UK National News Stories
Click here for the latest headlines.
18 November 2005
Lord Black denies US fraud charges
Conrad Black has denied federal fraud charges brought in the US alleging that he and three other executives diverted $84m of the proceeds from a $2.1bn sale of newspaper assets in Canada.
Lord Black denies US fraud charges
Conrad Black has denied federal fraud charges brought in the US alleging that he and three other executives diverted $84m of the proceeds from a $2.1bn sale of newspaper assets in Canada.
20 July 2010
Conrad Black Bailed Pending Appeal
Former media tycoon Conrad Black has been released from prison on bail, pending an appeal against his conviction for fraud.
Conrad Black Bailed Pending Appeal
Former media tycoon Conrad Black has been released from prison on bail, pending an appeal against his conviction for fraud.
17 November 2003
Media mogul Lord Black steps down as Hollinger CEO
Lord Black, the Canadian-born media mogul who owns the Daily and Sunday Telegraph, has announced that he is to retire as chief executive of Hollinger International following an inquiry which found that he received around £7.2 million in "unauthorised payments".
Media mogul Lord Black steps down as Hollinger CEO
Lord Black, the Canadian-born media mogul who owns the Daily and Sunday Telegraph, has announced that he is to retire as chief executive of Hollinger International following an inquiry which found that he received around £7.2 million in "unauthorised payments".
13 August 2007
Baby Snatch Attempt Foiled By Mother
A mother has successfully fought off a man and a woman who attempted to snatch her baby daughter from her pram in Leigh, Greater Manchester. Shortly after 8pm on Sunday 12 August 2007, the 30-year-old mother was pushing a pram with her four-month-old daughter along Wigan Road, close to the Hulme Road junction.
Baby Snatch Attempt Foiled By Mother
A mother has successfully fought off a man and a woman who attempted to snatch her baby daughter from her pram in Leigh, Greater Manchester. Shortly after 8pm on Sunday 12 August 2007, the 30-year-old mother was pushing a pram with her four-month-old daughter along Wigan Road, close to the Hulme Road junction.
12 June 2009
Contract Awarded For Next Generation Of Passports
The next generation of British passports will be delivered under a new £400 million contract announced yesterday. The Identity and Passport Service (IPS) has announced De La Rue has won the contract to produce the new British passport book.
Contract Awarded For Next Generation Of Passports
The next generation of British passports will be delivered under a new £400 million contract announced yesterday. The Identity and Passport Service (IPS) has announced De La Rue has won the contract to produce the new British passport book.
-
Northern Ireland WeatherThis Evening and Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Perhaps a touch of ground frost. Cloud will spread east towards morning. Minimum temperature 2 °C.
