Hollinger Results: Better Never than Late?

20 January 2005

Delayed financial results for beleaguered media group Hollinger International have finally been released, and they don't make for happy reading.

The US-based company, once controlled by Lord Conrad Black with whom it is ensnared in a bitter legal wrangle, reports a loss of $74 million (€56m, £39m) for 2003 - bad but nevertheless a distinct improvement on the restated figures of $230m deficit in 2002 and minus $326m in 2001.

Results for last year have still to be filed, but are promised by the end of March.

Black and fellow former executives of H-Intl are at the centre of fraud investigations by the US Securities and Exchange Commission over allegations - hotly denied - that they illegally pocketed company profits.

Black was ousted from his position as chairman of the company but is still a significant shareholder via his Canadian holding company Hollinger Incorporated.

As such he is looking forward to a special divided payment from the £665m sale last year of H-Intl's flagship UK newspapers, the Daily and Sunday Telegraph, to the enigmatic Sir David and Sir Frederick Barclay.

Data sourced from Telegraph.co.uk; additional content by WARC staff