Dan Colson, vice-chairman of the holding company, met recently with Thomas Hicks, chairman of US investment bank Hicks, Muse, Tate & Furst, to talk about its options.
Hollinger needs to reduce its borrowings, including a $120m (£68.8m) bond due for repayment next year. The bond is secured against its stake in Hollinger International, which owns The Daily and Sunday Telegraph in the UK plus international titles such as The Chicago Sun-Times and The Jerusalem Post.
Hollinger's financial situation was thrust into the limelight when Hollinger was found to have made unauthorised payments amounting to $32.2m to directors. Lord Black, who has since resigned as chief executive, has admitted receiving $7.2m but has denied any wrongdoing. He pledges to repay the money by June next year.
Another option for Hollinger International is to sell its Telegraph group of newspapers, which also includes The Spectator magazine.
Bidders including Express Newspaper and Daily Mail & General Trust are believed to be lining up, ready to pounce if the division is put up for sale.
A number of venture capitalist consortia led by media figures such as David Montgomery and former Carlton chairman Michael Green are also believed to be circulating.
The Spectator could be the subject of a management buyout led by chairman and former owner Algy Cluff.
The Telegraph Group is expected to be valued at around £400m.
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