Hollinger International plans to buy New York Observer

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Hollinger International's Conrad M. Black, plans to acquire the weekly newspaper New York Observer from its founder, Arthur L. Carter, according to a Business Week Online report. Exact terms are undisclosed, however, the magazine noted, Mr. Carter will receive cash and Hollinger International shares.

Reports state that Mr. Carter will remain co-CEO with no immediate plans for changes. However, note other sources, Mr. Black, known for doing a bit of housekeeping in new ventures, could transform the Observer to a daily. Rumor has it, said Business Week reporter Richard Siklos, Mr. Black may be negotiating with Pearson PLC to combine Financial Times with a hybrid publication for a more upscale Manhattan audience.

Copyright July 1999, Crain Communications Inc.

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