Hollinger International Inc. today announced that it will sell The Jerusalem Post to a group made up of Israeli media company Mirkaei Tikshoret Group Ltd. and CanWest Global Communications Corp., the largest newspaper publisher in Canada. The sale price of $13.2 million is significantly less than the $21.5 million that Hollinger paid for the newspaper in 1990. This marks the second sale of an international newspaper by Hollinger as the company reduces its assets following the ouster of its former CEO Conrad Black.
The interesting thing about this story is that the Jerusalem Post sold for the price of a couple of really nice homes in Jerusalem. Only in Israel! Sheesh …
Publisher at Jewlicious
“Just because you're naked doesn't mean you're sexy. Just because you're cynical doesn't mean you're cool.”
― Tom Robbins
― Tom Robbins
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The Post was sold almost a week ago. As I explained on Bloghead, “Hollinger owed CanWest a lot of money because of a previous deal between them that went wrong, something to do with the National Post. The reason they are willing to accept such a low sum for the Jerusalem Post is because CanWest is receiving the Post in lieu of payment.” And there you have it!
(See this link)