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Black 'faces Telegraph challenge'

13 April 2012

A US multi-millionaire, who made a fortune from selling the Snapple drinks brand to Cadbury Schweppes, has got his eye on the Daily Telegraph newspaper.

Nelson Peltz, whose personal fortune is estimated at £570m, may take a stake in debt-laden publisher Hollinger International, owner of the Telegraph and the Jerusalem Post.

The deal could involve Peltz taking control from Hollinger's main shareholder, Lord Black of Crossharbour, who owns most of the voting rights.

Black has been desperate not to loosen his stranglehold on the publishing empire, but is under pressure from shareholders to improve the group's finances. He controls Hollinger through a Canadian holding company.

Hollinger admitted that it was talking to suitors, but refused to be drawn further.

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