$42 million award against Sun-Times Media Group

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: $42 million award against Sun-Times Media Group : ------------ : In another financial blow for the Sun-Times Media Group, an arbitrator has awarded about $42 million to a Canadian company stemming from its acquisition of a string of newspapers nearly nine years ago, Crain's Chicago Business reports. : The award is for almost $51 million in Canadian dollars, or roughly $42 million in U.S. currency. : -------------- : Sun-Times Media to pay $42M to settle suit : Jan. 29, 2009 : -------------- : (Reuters) — Canwest Global Communications Corp., Canada's biggest media company, has been awarded about C$51 million ($42 million) in a long-running dispute with Hollinger International Inc., the company once run by jailed media tycoon Conrad Black. : The fight between the two companies dates back to Canwest's November 2000 acquisition of newspapers from Hollinger International, which is now known as Sun-Times Media Group. The disagreement relates to unresolved adjustments and claims associated with the deal. : Winnipeg-based Canwest initially claimed it was owed C$84 million by Hollinger International, while Hollinger claimed Canwest owed it C$116 million. : An arbitration process kicked off in February 2007 and ended last June. Canwest said the award doesn't factor in interest and costs, which have yet to be settled. : The arbitrator's decision is open to a "limited" right of appeal to the Ontario Superior Court, Canwest said. : "While the proceedings have been protracted over several years, we obviously feel justified that the time and effort it took to pursue the claim has been worth it," Canwest Chief Executive Leonard Asper said in a statement. : Hollinger International was once headed by Black, who was sent to prison in the United States in 2007 for fraud and obstructing justice. He and others were accused of swindling the company by giving themselves illegal bonuses.

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