Black, a high-profile figure in the business and newspaper world, has served more than two years of a 78-month sentence.
The bail has been granted by a US appeals court pending an appeal against his fraud conviction.
Black was found guilty of three counts of criminal fraud in July 2007. He was also convicted of obstruction of justice.
He was further ordered to pay out £4m to Hollinger, his former company, whose investors he was judged to have defrauded.
His conviction bought to an end a hitherto illustrious career.
Black used Hollinger to buy up hundreds of newspapers, including The Daily Telegraph, in which he began investing back in 1985.
His newspaper empire spanned the globe and included the Jerusalem Post, the Chicago Sun-Times and papers in his home country of Canada.
Black, who is a member of the House of Lords, is married to the journalist Barbara Ameil, famed for her luxurious lifestyle.
A release date has yet to be named for Black, who is now in his mid-sixties. The court could still rule against his appeal and send him back to prison.
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