Biz Watch

AARON HARRIS/AP PHOTO

Black has an offer for Hollinger, but the board has its own ideas

Black Vs. Board
Who has the right to sell Conrad Black's media empire: Lord Black, the majority shareholder, who is under fire for taking allegedly improper commissions, or the board of Hollinger International, the U.S. public firm that actually owns the newspapers, including Britain 's Daily Telegraph and the Chicago Sun-Times? That's the key question following Black's surprise deal last week to sell his holdings to the reclusive Barclay brothers for a bargain $466 million.

Infuriated, Hollinger's board has told its investment bank, Lazard, to find other buyers. "The board believes it has the...

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