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Hollinger peddling papers
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November 24, 1997: 1:57 p.m. ET
Publisher is selling 80 newspapers to Leonard Green for about $310 million
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NEW YORK (CNNfn) - Hollinger International Inc. said Monday it will sell approximately 80 newspaper properties to Leonard Green & Partners for about $310 million.
Most of the newspapers are in smaller U.S. markets and include daily, weekly and free-circulation publications with a total circulation of about 900,000 per week.
Hollinger said it will use proceeds to pay down its debt, including $105 million with rates of more than 10 percent. Part of the money also will go to purchase the Post-Tribune newspaper in Gary, Ind.
The sale is part of the company's ongoing strategy to improve its balance sheet, Hollinger said.
Most of the papers being sold were bought by Hollinger before 1990 and some of the them are as much as 100 years old.
Hollinger (HLR) also has holdings in the United Kingdom, Canada and Israel. Its best-known newspapers include the Chicago Sun-Times, London's Daily Telegraph and the Ottawa Citizen.
Leonard Green & Partners is a Los Angeles-based private merchant banking firm. It focuses primarily on sponsoring management buy-outs of established companies.
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