Black's appointment follows a two-year battle for the title, which has seen him renounce his Canadian citizenship after the Canadian government blocked the peerage.
Black, who did enjoy dual citizenship in the UK and Canada, was nominated for the title two years ago by the outgoing Conservative leader William Hague. As a matter of courtesy, the UK government then asked the Canadian government about any legal implications.
The Canadian government said he could be made a peer as long as he became a British citizen. However, it advised the Queen that he should not be given the title while he still held Canadian nationality.
Black took Canadian prime minister Jean Chretien to court for an alleged abuse of public office. He claimed that the prime minister's decision was taken because his government had been criticised in the National Post, which was founded by Black and recently sold to Canwest Global Communications.
Canada's Privy Council argued that the Nickle Resolution, agreed in 1919, still stood. The resolution carried an agreement that King George V would not knight Canadian citizens.
Although the resolution has hardly been put in to force for 80 years and despite the fact that 20 Canadians have been made knights and two have been made peers, Black lost the case. As a result, Black gave up his Canadian citizenship in May "with regret but without rancour", he said.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .