December 31, 2002
From Hollinger International
year end 10-K report 2002 (page 14)
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From Hollinger International year end 10-K report 2002 (page 14)
Original source - http://www.hollinger.com/annual/annual.htm
Regulatory Matters. The publication, distribution and sale of newspapers and magazines in Canada is regarded as a "cultural business" under the Investment Canada Act and consequently, any acquisition of control of the Canadian Newspaper Group by a non- Canadian investor would be subject to the prior review and approval by the Minister of Industry of Canada. Because no such acquisition of control of the Company or Hollinger Inc. has occurred, the current ownership is acceptable.
Ownership. During 2001, HCPH Co. became the successor to the operations of XSTM Holdings (2000) Inc. (formerly Southam). We indirectly own a combined 100% interest in HCPH Co. We indirectly own an 87.0% interest in Hollinger L.P. Under the Canadian Income Tax Act, there are limits on non-Canadian ownership of Canadian newspapers. At present, we do not meet those limits and, if this continues beyond a specified cure period, there could be adverse effects on advertising revenue. We will take the necessary steps to ensure that we are in compliance before the cure period expires.