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Embattled Press Tycoon Conrad Black to Sell Holdings - 2004-01-19

The embattled press tycoon who owns London's Daily Telegraph, the Chicago Sun-Times, and the Jerusalem Post has made a deal to sell his holdings for $466 million.

Conrad Black's deal would give control of the newspaper empire to Sir David and Sir Frederick Barclay, reclusive owners of the Ritz Hotel in London, who also know some newspapers, including The Scotsman.

The agreement is subject to regulatory approval by Mr. Black's native Canada.

The action comes after the newspaper's parent company Hollinger International, said on Saturday it was firing Mr. Black as chairman and filing a $200 million lawsuit against him. Mr. Black's lawyer says the suit has no legal merit.

Last November, Mr. Black was forced to give up his post as chief executive of Hollinger amid allegations that he and close associates collected $32 million in payments that the company says were improper.

Rival publications describe Conrad Black as a flamboyant "press baron" who sometimes used his publications to promote his conservative views.

Some information for this report provided by AP.