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Sale of Jerusalem Post Shares for $17 Million is Finalized

The Jerusalem Post, Israel’s English-language daily, became part of an international media empire Tuesday, when its sale to the Canadian-based Hollinger newspaper chain was finalized.

Hollinger Inc. paid over $17 million for a majority of Post shares, previously held by the Palestine Post Co., a subsidiary of the Israel Investors Corp.

IIC itself is a subsidiary of the financially troubled Koor Industries conglomerate, owned by Histadrut.

Koor is retrenching to manage its huge debt to Israeli and foreign banks.

Bank Hapoalim retains a minority interest in the newspaper.

Hollinger is headed by David Radler and Conrad Black.

Its holdings include The Daily Telegraph of London, The Spectator, a London weekly and more than 200 other publications, chiefly in North America.

According to Israel Radio, the agreement completing the sale contained a provision that the Post’s 270 employees would share a special onetime bonus of $200,000.

It was granted by the new owners to allay employees’ fears that the change of ownership would adversely affect their pensions and fringe benefits, Israel Radio said.

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