Lord Black told the Sunday Times in an interview that the prices of newspapers and other media assets were at an affordable level. He said: "We are happy to go back into expansion mode, although on a more prudent basis than we did before. All sorts of things change hands and we should be in a pretty good position to deal with it."
Lord Black owns the Daily and Sunday Telegraph as part of his Hollinger Company, which also owns the Chicago Sun-Times, the Jerusalem Post and the Sydney Morning Herald. Lord Black is also an investor in The New York Sun, a rival to The New York Times launched last year.
Trinity Mirror's national newspapers or the Financial Times, owned by Pearson, would be a good fit. Although neither newspaper is up for sale, Pearson and Trinity Mirror are reported, at one time or another, to have looked at the possibility of selling.
With the arrival of Sly Bailey as the chief executive of Trinity Mirror recently, some see a sale of the Daily Mirror, which is suffering falling circulation, as increasingly likely.
Major investors in Trinity Mirror have called for the company to be broken up and the national and more profitable regional titles separated.
Hollinger has debts of $574m (£368m), which Lord Black is reducing by selling some of the company's local newspapers.
In the Sunday Times interview, Lord Black also said that Hollinger could move into other media. He says: "We have been in television and radio before. And I think something might come up."
Hollinger was one of the companies in an unsuccessful bid for FT's business magazines, which include the Investors Chronicle. The company also tried to buy Express Newspapers.
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