Media tycoon Conrad Black has resigned as chairman and chief executive of Hollinger Inc, the Canadian
holding company for the media empire he built.
Black, who is facing battles with shareholders and investigations in the US and Canada, announced plans to quit his posts last week.
The British tycoon has been in a bitter feud with the US-based operating company for the media group, and some reports said the board of Hollinger Inc had also been pressing for his resignation.
The move comes as Black proposed to take the company private. The announcement appeared to be a new strategy to keep the reins of his media empire.
Black, who renounced his Canadian citizenship in 2001 in order to take a seat in Britain's House of Lords, would still control Hollinger Inc through his private equity firm, Ravelston.
Ravelston already owns 78% of Hollinger Inc and would end up with 100 percent if the company goes private.
In turn, Hollinger Inc controls 18% of the shares and 68% of the voting rights of Hollinger International, the
US-based operating company for the Chicago Sun Times and Jerusalem Post. It recently sold the Telegraph Group of Britain.
