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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
For the month of April 2000
HOLLINGER INC.
(Translation of registrant's name into English)
10 TORONTO STREET
TORONTO, ONTARIO M5C 2B7
CANADA
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F Form 40-F x
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(Indicate by check mark whether the registrant by furnishing the information
contained in this form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes No x
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EXHIBIT LIST
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Sequential
Exhibit Description Page Number
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99.1 Press Release dated April 25, 2000 of Hollinger 4
International Inc., Hollinger Inc., Hollinger Canadian
Newspapers, Limited Partnership, and Hollinger Canadian
Publishing Holdings Inc.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Date: April 26, 2000
HOLLINGER INC.
by: /s/ Charles G. Cowan, Q.C.
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Name: Charles G. Cowan, Q.C.
Title: Vice-President and Secretary
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EXHIBIT 99.1
HOLLINGER INTERNATIONAL INC. (NYSE: HLR)
HOLLINGER INC. (TSE: HLG.C)
HOLLINGER CANADIAN NEWSPAPERS,
LIMITED PARTNERSHIP (TSE: HCN.UN)
HOLLINGER CANADIAN PUBLISHING HOLDINGS INC.
(TSE: HCP.U)
Contacts:
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<S> <C> <C>
Daniel W. Colson Jack A. Boultbee Peter Y. Atkinson
Vice-Chairman Executive Vice-President Vice-President
Hollinger International Inc. Hollinger International Inc. Hollinger International Inc.
44-20-7-538-6275 (416) 363-8721 (416) 363-8721
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PRESS RELEASE
RESTRUCTURING PROCESS ANNOUNCED -
NEWSPAPER ASSETS TO BE MADE AVAILABLE FOR
SALE, MERGER OR AFFILIATION
NEW YORK, APRIL 25, 2000: Hollinger International Inc. (NYSE: HLR)
announces that its board of directors has approved a process whereby most of the
Company's community newspaper assets will be made available for sale and some of
its metropolitan newspaper assets will be made available for merger or
affiliation on terms consistent with the full enterprise value of such assets.
Morgan Stanley Dean Witter has been retained to act as the Company's
professional adviser and in that role will co-ordinate the process. Cash
proceeds from such transactions will be utilized to reduce debt, to purchase and
cancel the Company's own shares and, if deemed advisable, to distribute to
shareholders. As has been stated in successive annual reports and at
shareholders' meetings, the management considers the Company's shares
undervalued and the most effective means of narrowing the gap between the
enterprise value and imputable market value of these assets is to sell some of
them and apply the proceeds to debt reduction and share cancellation. The
quarterly earnings report to be issued on April 27 will confirm that these
assets are performing very well and their profitability should easily exceed
recent expectations for the current year.
Mr. Conrad M. Black, Chairman and Chief Executive Officer, commented as
follows with respect to the process:
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In order to unlock shareholder value, Hollinger International Inc. will
make most of its operating assets available in one way or another to
facilitate the current trend to larger, consolidated, multi-media entities.
By this method, the Company expects to take maximum advantage of the very
high quality of its assets, both as traditional newspaper properties and as
content and transactional Internet platforms. That value, although the
Company's stock market performance has not been markedly more sluggish than
that of the newspaper industry generally, has been somewhat obscured by
perceived complexity of corporate structure, new newspaper and Internet
start-up and investment costs and tax-accounting anomalies that affect it
as an international company. This is particularly timely as most recent
concern about the long term viability of the newspaper industry and its
ability to adapt profitably to the Internet seems largely to have subsided.
To this end, Morgan Stanley Dean Witter has been retained to find
appropriate affiliates or buyers for many of the Company's assets,
including most of its U.S. and Canadian community newspapers. The Company
will consider arrangements that will allow it to retain control of the
Telegraph in the United Kingdom, most of the metropolitan newspaper assets
in North America, the Internet assets related to those publications, and
the Company's Internet investment portfolio and venture capital group. For
those assets, and in particular the Telegraph and the National Post, the
Company would be prepared to explore electronic associations with other
groups in larger combinations that will maximize future franchise values
while retaining its control of those assets.
Hollinger International Inc. expects to emerge from this process with a
significantly reduced debt level and smaller number of outstanding shares,
a stronger strategic position in relation to other media (and especially
new media) and appreciably higher earnings per share.
Hollinger International Inc. is a global newspaper publisher with
newspapers in the United States, UK, Canada and Israel. Included among the 77
paid daily newspapers that the Company owns are The Daily Telegraph, Chicago
Sun-Times, The Jerusalem Post, Ottawa Citizen and National Post. In addition,
the Company owns 302 non-daily newspapers, as well as magazines and other
publications.
Hollinger International Inc. operates Web sites through all of its major
newspapers and owns the canada.com national portal site and a variety of other
specialized sites. Through its Hollinger Ventures subsidiary, the Company has
also taken investment positions in various Internet-based companies.
FOR MORE INFORMATION ON HOLLINGER INTERNATIONAL INC.,
PLEASE VISIT OUR WEBSITE AT WWW.HOLLINGER.COM.
