Lazard, the investment bank hired to advise Hollinger International, has already kicked off the sale. It sent out financial information about the company's assets, incuding The Daily Telegraph, the Chicago Sun-Times and the Jerusalem Post, yesterday.
"Any decision regarding a potential sale will be based on price and whether it is in the best interest of shareholders," a spokeswoman said.
Sources have suggested that Hollinger International is determined to sell one or more of the assets before the Barclay brother's 35-day offer period on the Telegraph titles ends, but it could be running out of time. If the Barclays are able to go through with their offer, then they could block the Lazard sale.
Potential buyers for the assets, particularly the Telegraph, include the Washington Post Company, Lord Rothmere's Associated Newspapers, Harrods owner Mohammed Al Fayed and Express Newspapers owner Richard Desmond.
Lazard declined to comment.
Lord Black stepped down as chief executive of Hollinger in November after the board discovered that $32m (£17.3m) in payments to him and his executives were not authorised. Last weekend, he was ousted as chairman of Hollinger by the board.
The legal dispute is now heading towards a high-profile court hearing and Hollinger is suing Lord Black and his executives for $200m after alleging that they "diverted and usurped assets and opportunities" and made "systematic breaches of fiduciary duties".
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