Magazine article Editor & Publisher

Sun-Times Media Group's Biggest Stockholder Warns It May Not Be Viable

Magazine article Editor & Publisher

Sun-Times Media Group's Biggest Stockholder Warns It May Not Be Viable

Article excerpt

Hollinger Inc., the Toronto-based holding company that controls Chicago Sun-Times parent Sun-Times Media Group (STMG) through a 70% voting stake, warned in a Securities and Exchange Commission (SEC) filing Friday that it may no longer qualify as a "going concern."

Hollinger painted a bleak portrait of its future -- and reported that it continued to hemorrhage money in the third quarter ended Sept. 30.

Hollinger reported a net loss in the quarter of C$50 million, or US$51.3 million, compared to a loss in the 2006 third quarter of C$31.6 million, or $US32.4 million.

The company reported revenues of C$1.6 million, or US$1.64 million in the quarter, down from C$1.75 million, or US$1.8 million.

Conrad Black, who is awaiting sentencing on fraud and obstruction of justice convictions in U.S. federal court next month, used Hollinger Inc. as one of several holding companies to control a newspaper empire that was once among the world's largest. Alleged massive "looting" of the Sun-Times publishing parent by Black and other top executives of Hollinger and the publishing company of the same name ensnared Hollinger Inc. …

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