It is understood that Black will launch the New York Sun in the new year to compete against the New York Times.
Black, who owns the Telegraph Group in the UK, already owns the Chicago Sun Times in the US and is backing the new launch with a reported £10.6m.
Last week, it was reported that Black was in talks with Express Newspapers and Associated Newspapers about the sale of the Daily and Sunday Telegraph newspapers, as speculation continued that the former Canadian press baron was to withdraw from the newspaper business.
This speculation, which was quickly dismissed, followed Black's sale of the last of his Canadian newspapers with the offloading of his remaining 50% stake in Canada's National Post to CanWest Global Communications earlier this year.
Since the Canadian sell-off, speculation has been rife that he would then exit the British newspaper market and offload the UK's biggest selling broadsheet newspaper, the Daily Telegraph. However, this latest report of a possible launch of a paper in New York puts paid to that speculation.
Black also owns The Jerusalem Post in Israel.
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