Jerusalem Post for sale?
by: Leslie Bunder - Last updated: 2003-11-18
As Lord Black steps down from his role as chief executive of media publisher Hollinger International, speculation is mounting as to what will happen to his Israeli newspaper, the Jerusalem Post and its sister publications.
Lord Black resigned from his top role in the company after revealing he and other executives had received unauthorised secret payments totalling £19m.
Investment bank Lazards has been appointed to look into future options for the company which could involve the sale of its media assets that include the Daily Telegraph, Sunday Telegraph and the Jerusalem Post.
"Now is the appropriate time to explore strategic opportunities to maximize value for all shareholders of Hollinger International," Lord Black said in a statement.
According to media speculation a number of UK Jewish media tycoons including Express Newspapers owner Richard Desmond and Carlton TV boss Michael Green are likely to express interest Lord Black's newspapers which could be sold for up to £600m.
While in the US, New York Daily News owner Mort Zuckerman is one name that could be interested in the Jerusalem Post.
"A sale of the Hollinger titles could be done on a newspaper by newspaper basis," one media analyst told SomethingJewish. "Or they could look to sell all the newspapers as a going concern to raise more money for shareholders. One of the problems they face is who would want to buy everything?"
According to the media analyst, if the company was sold as a going concern, then individual titles could be sold at a later date. "You might have one person buying everything and then look to offload what they don't need at a later date."
The Jerusalem Post was first published as the Palestine Post by Gershon Agron, who became its first editor in 1932 and later became a mayor of Jerusalem. In 1950, it changed its name to the Jerusalem Post.