Canadian newspaper baron puts Israel title up for sale

LONDON - Conrad Black, the Canadian newspaper tycoon who owns Britain's Daily Telegraph, is selling the Jerusalem Post, reviving speculation that he is quitting the newspaper business.

In July, Mr Black raised $US1.6 billion ($3.8 billion) from selling most of his 350 North American publications, and the Jerusalem Post is expected to fetch anything up to $US80 million.

Mr Black, during his 11-year ownership of the Post, steered it away from its left-leaning tradition. It was immersed in controversy this year when editor David Makovsky quit because he felt the paper had moved too far to the right.

The sale of the Post is dismissed by Mr Black's company, Hollinger Group, as "market rumour."

But London analysts are convinced of the move, which has caused some surprise. Just two months ago, Hollinger said it would retain both the Post and Telegraph.

It was suggested at the time that the sale of the American titles reflected Mr Black's disenchantment with Canadian politics and a disappointment with his level of influence, despite owning 53 per cent of Canada's daily newspaper circulation.

Now, however, it seems that his desire to sell newspapers goes beyond North America - although no one was available at Hollinger yesterday to comment on whether the Telegraph would be sold.

Michael Sinclair, owner of the London Jewish News, has been mentioned as a bidder for the Jerusalem Post, but the amount of cash he is prepared to put up is said to fall short of sums being offered by North American companies.

Analysts believe the price will strongly reflect the value of Jpost.com, which is one of the world's most popular newspaper websites and is perceived to have huge e-commerce potential.

- INDEPENDENT