Newspaper tycoon Conrad Black, who owns London's Daily Telegraph, the Chicago Sun-Times, The Jerusalem Post, and other papers, is resigning after an investigation showed he misled shareholders about $32 million in unauthorized payments to him and other top executives.

Mr. Black denies breaking any laws but is quitting key management posts. He will stay with the company as non-executive chairman, advising the company on business strategy.

News reports say he may sell some or all of the newspapers in his large company. The Canadian-born businessman is an outspoken conservative who started with two small newspapers in Quebec and built a publishing empire that stretched from Israel to Australia.