<PAGE>

                                                                   Exhibit 10.20

                                December 20, 2005

VIA HAND DELIVERY -
PERSONAL & CONFIDENTIAL

Mr. Peter Lane
1219 Ravine Drive
Mississauga, Ontario
L5J 3E4
Canada

     RE: AGREEMENT AND RELEASE BETWEEN HOLLINGER INTERNATIONAL INC. AND PETER
         LANE

Dear Peter:

We are writing to document the terms of your amicable departure from Hollinger
International Inc. ("Hollinger International" or "the Company").

This agreement and release (the "Agreement and Release") sets forth the terms
and conditions of the termination of your employment with Hollinger
International.

Please indicate your acceptance of this Agreement and Release on or before
December 23, 2005, by returning a fully executed copy of this letter to the
Company on or before that date, failing which the Company will have no
obligations under this Agreement and Release.

The Company is providing you a period of at least twenty-one days within which
to consider this Agreement and Release in order that you have sufficient time to
seek appropriate legal advice regarding this Agreement and Release.

                              AGREEMENT AND RELEASE

In consideration of the mutual benefits set out in this Agreement and Release
and other good and valuable consideration, the sufficiency of which Hollinger
International together with its parent corporations, affiliates, past and
present officers, directors, stockholders, agents, employees, publications,
legal representatives, successors, and assigns, (hereinafter collectively
referred to as, the "Company") and you, hereby acknowledge, the parties to this
Agreement and Release agree as follows:

1.   The date of termination of your employment from the Company shall be
     December 31, 2005 (the "Effective Date"). As of the Effective Date you
     shall cease to have any on-going relationship with the Company, including
     as an officer and or director for the Company or any of its subsidiaries.
     You shall receive your regular compensation until

<PAGE>

Mr. Peter Lane
December 20, 2005
Page 2


     the Effective Date and shall continue to be an employee of the Company,
     performing your regular duties and responsibilities until the Effective
     Date.

2.   You shall receive a lump sum payment for any accrued, unused vacation time,
     reduced by all applicable statutory withholdings, within thirty (30)
     calendar days of signing this Agreement and Release.

3.   Your termination shall be designated as an amicable departure (marked on
     your Record of Employment as "k" or "Other" and described as a
     "settlement") for purposes of Canadian unemployment insurance and for any
     pension benefits you may be eligible for under the Company's plan(s). The
     Company shall represent that as the basis for your termination to all third
     parties.

4.   You shall receive a lump sum payment of Five Hundred Thousand (CDN
     $500,000.00) Canadian Dollars equal to one full year of your base wage
     (less applicable statutory and other deductions) as a severance in lieu of
     notice, within thirty (30) calendar days of signing this Agreement and
     Release.

5.   The Company will discontinue you and your dependents from all Hollinger
     sponsored benefit programs effective December 31, 2005. In lieu of benefit
     continuation, the Company shall pay you a one time lump sum of Thirteen
     Thousand (CDN $13,000.00) Canadian Dollars, within thirty (30) calendar
     days of the Effective Date.

6.   The Company shall reimburse you for outplacement services at a Canadian
     firm of your choosing up to a maximum amount of Seventy Five Thousand (CDN
     $75,000.00) Canadian Dollars.

7.   As further consideration, the Company shall pay you an additional lump sum
     of Three Hundred Thousand (CDN $300,000.00) Canadian Dollars, less
     applicable statutory and other deductions as a retiring allowance, within
     thirty (30) calendar days of the Effective Date.

8.   The Company agrees to transfer its ownership of the home office equipment
     used by you, consisting of a printer/facsimile/copier, an RIM Blackberry
     communications device and a laptop computer, to you, provided you allow the
     Company to remove any and all proprietary information from the equipment,
     prior to the Effective Date. Additionally, the Company shall reimburse you
     for the monthly service charges associated with the RIM Blackberry, for a
     period of one year from the Effective Date, provided you arrange to have
     your messages routed to a private email account.

9.   The Company agrees to reimburse you for the cost of legal fees for the
     negotiations of this Agreement and Release, to a maximum amount of Seven
     Thousand (CDN $7,000.00) Canadian Dollars.

<PAGE>

Mr. Peter Lane
December 20, 2005
Page 3


IN CONSIDERATION OF THE PAYMENTS SET OUT IN THIS AGREEMENT AND RELEASE, AND
OTHER GOOD AND VALUABLE CONSIDERATION GIVEN BY THE COMPANY, THE RECEIPT OF WHICH
IS HEREBY ACKNOWLEDGED:

1.   You, Peter Lane (which term includes your agents, heirs, executors,
     administrators, successors, and assigns), hereby remise, release and
     forever discharge the Company, it's direct and indirect subsidiary
     companies, and all related entities, their officers, directors, servants,
     employees, agents and assigns and each of their heirs administrators,
     successors and assigns (hereinafter referred to as "Releasee") from any and
     all manner of demands, actions, causes of actions, suits, contracts,
     claims, damages, costs and expenses of any nature or kind whatsoever,
     whether in law or in equity, which as against the Releasee or any of them
     you have ever had, now have, or at anytime you or your personal
     representative can, shall or may have, by reason of or arising out of your
     employment with the Releasee, the termination from your employment with the
     Releasee, including but not limited to any of all claims for damages
     arising from the termination from your employment, constructive
     termination, loss of position, loss of status, loss of future job
     opportunity, loss of opportunity to enhance your reputation, the timing of
     the termination and the manner in which it was effected, loss of bonuses,
     loss of benefits including life insurance and short and long-term
     disability benefit coverage and any other type of damages by indemnity or
     otherwise.

2.   You further agree (except for any vested or accrued benefits to which you
     are entitled under the Company's employee benefit plans and any rights you
     may have under COBRA) to WAIVE any and all rights in connection with, and
     to fully RELEASE and forever discharge the Company from, any and all torts,
     contracts, claims, suits, actions, causes of action, demands, rights,
     damages, costs, expenses, attorneys fees, and compensation in any form
     whatsoever, whether now known or unknown, which you have (up through and
     including the date hereof) against the Company on account of or in any way
     growing out of your employment by the Company or your separation therefrom,
     including but not limited to, any and all claims for damages or injury to
     any entity, person, property or reputation arising therefrom, claims for
     wages, employment benefits, tort claims and claims under Title VII of the
     Civil Rights Act of 1964, the Civil Rights Act of 1991, the Civil Rights
     Act of 1866, the Employee Retirement Income Security Act of 1974, the
     National Labor Relations Act, the Fair Labor Standards Act, the
     Rehabilitation Act of 1973, the Family and Medical Leave Act of 1993, the
     Americans with Disabilities Act of 1990, the New York Fair Employment
     Practice Act, the Ives-Quinn Act, the New York Wage Payment Act, the
     Illinois Human Rights Act, the Illinois Wage Payment and Collection Act,
     the Cook County Human Rights Ordinance, the Chicago Human Rights Ordinance
     and any other federal, state or local law, statute, ordinance, guideline,
     regulation, order or common-law principle of any state relating to
     employment, employment contracts, wrongful discharge or any other matter.

     Release of Age Discrimination Claims. In further consideration of the
     promises made by the Company in this Agreement and Release, you
     specifically release the Company from all claims or rights you may have as
     of the date you sign this Agreement and Release arising under the Age
     Discrimination in Employment Act of 1967, as amended, 29 U.S.C. Sec. 621,
     et seq. You further agree that:

<PAGE>

Mr. Peter Lane
December 20, 2005
Page 4


     (a)  your waiver of rights under this release is knowing and voluntary and
          in compliance with the Older Workers Benefit Protection Act of 1990
          (OWBPA);

     (b)  you understand the terms of this release;

     (c)  the consideration provided in this Agreement and Release represents
          consideration over and above that to which you otherwise would be
          entitled, that the consideration would not have been provided had you
          not signed this release, and that the consideration is in exchange for
          the signing of this release;

     (d)  the Company is hereby advising you in writing to consult with your
          attorney prior to executing this release;

     (e)  the Company is giving you a period of twenty-one days within which to
          consider this release;

     (f)  following your execution of this release you have seven days in which
          to revoke this release by written notice. To be effective, the
          revocation must be made in writing and delivered to and received by
          Pamela A. Davidson, Assistant Corporate Counsel, Hollinger
          International Inc., 350 North Orleans, Chicago, Illinois 60654, no
          later than 4:00 p.m. on the seventh day after you execute this
          release. An attempted revocation not actually received by Ms. Davidson
          before the revocation deadline will not be effective; and

     (g)  this entire Agreement shall be void and of no force and effect if you
          choose to so revoke, and if you choose not to so revoke this Agreement
          and Release shall then become fully effective and enforceable.

     This Section does not waive rights or claims that may arise under the ADEA
     after the date you sign this Agreement and Release.

3.   You agree to fully cooperate with the Company in the resolution and
     investigation of all remaining open issues relating to the Company,
     including but not limited to pending and future legal matters, internal
     investigations and the like, and in executing such further documentation as
     is deemed reasonably necessary in the opinion of the Company and you to
     effect your separation; and your agreement to the terms of this Agreement
     and Release.

4.   You further acknowledge that the consideration given to you pursuant to
     this Agreement and Release represents a negotiated settlement as relates to
     the terms and conditions of your amicable departure from the Company and
     does not and shall not be construed or considered as an admission of
     liability on the part of either party.

5.   You further hereby acknowledge, understand and agree that this Agreement
     and Release includes any and all claims arising under the Ontario
     Employment Standards Act, Human Rights Code, Workplace Safety and Insurance
     Act and/or other applicable legislation and that the consideration provided
     includes any amount that you may be entitled to under

<PAGE>

Mr. Peter Lane
December 20, 2005
Page 5


     such legislation and you agree to immediately withdraw any complaint as
     settled and not to file any complaint pursuant to such legislation with
     respect to your employment or the termination of your employment with the
     Company.

6.   You further agree not to make any claims or initiate proceedings against
     any other person, corporation or other entity that might claim contribution
     or indemnity under the provisions of any statute or otherwise against the
     Releasee.

7.   You understand and agree to indemnify and hold harmless the Releasee from
     any assessment for income tax and other statutory deductions that may be
     made under statutory authority, relating to the payments being made to you
     under this Agreement and Release.

8.   You further understand and agree that it is a condition of this Agreement
     and Release that the terms of the agreement between the parties are
     strictly confidential and both parties agree not to disclose either the
     whole or part of this Agreement and Release to anyone except their legal,
     tax, financial advisors and/or spouse. In particular, but without limiting
     the generality of the foregoing, you agree that you will not, under any
     circumstances, discuss the terms and conditions of this Agreement and
     Release, nor the circumstances under which your employment with the
     Releasee ended, with any known client(s), supplier(s) or consumer(s) of the
     Releasee.

9.   You acknowledge and agree that during your employment with the Releasee you
     had or may have had access to certain confidential and proprietary
     information of the Releasee, the disclosure of which could be harmful to
     the interests of the Releasee. You acknowledge and agree that you have
     taken and will in the future take appropriate precautions to safeguard such
     confidential and proprietary information. Further, you agree that you will
     respect and abide by the terms of any employee confidentially agreement
     that you may have executed with the Releasee.

10.  You agree to immediately return, without making copies or disclosing
     information relating thereto, any and all property, equipment, information,
     material, records or documents, including but not limited to vehicles,
     parking passes, security passes, credit cards, keys, computer and computer
     programs, in your possession or control belonging to or respecting the
     Releasee, to the Releasee on or before the Effective Date, except those
     items specifically set forth in Paragraph 8 of the consideration section of
     this Agreement and Release.

11.  You further agree to refrain from making any disparaging comments regarding
     the Releasee, your employment with the Releasee. or termination thereof, to
     any person including but not limited to any known former or current
     employees of the Releasee, suppliers or related business contacts,
     advertisers or associates of the Releasee. You understand and agree that
     this confidentiality provision is a critical and fundamental condition of
     the settlement and is an essential part of the consideration for this
     Agreement and Release.

<PAGE>

Mr. Peter Lane
December 20, 2005
Page 6


12.  You further agree that: the consideration provided in this Agreement and
     Release represents consideration over and above that to which you otherwise
     would be entitled, that the consideration would not have been provided had
     you not signed this Agreement and Release, and that the consideration is in
     exchange for the signing of this Agreement and Release.

13.  You hereby represent and warrant that: (a) you have no pending claims
     against the Company with any Canadian or United States municipal,
     state/provincial, federal or other governmental or non-governmental entity;
     and (b) that you will not file any claims with respect to any events
     occurring on or before the date hereof. You also acknowledge and agree that
     by entering into this Agreement and Release you can never make claim or
     demand upon or sue the Company for any reason whatsoever relating to
     anything that has happened through the date hereof.

14.  The parties agree that the provisions of this Agreement and Release are
     severable. If any provision is held to be invalid or unenforceable, it
     shall not affect the validity or enforceability of any other provision.
     This Agreement and Release sets forth the entire agreement between Peter
     Lane and the Releasee and supersedes any and all prior oral or written
     agreements or understandings between Peter Lane and the Releasee concerning
     the subject matter of this Agreement and Release.

15.  This Agreement and Release shall be governed by laws of Ontario or any
     other applicable Federal or Provincial laws of Canada.

16.  You hereby acknowledge (a) that the Releasee has given you a period of at
     least twenty one (21) days in which to review and consider this Agreement
     and Release; (b) that the Company has advised, and does hereby in writing
     advise, you have had opportunity to consult with counsel before signing
     this Agreement and Release; (c) that you have read this Agreement and
     Release in its entirety; (d) that you have had at least twenty one (21)
     days in which to confer with your own attorney for assistance and advice
     concerning this Agreement and Release; (e) that you understand the terms of
     this Agreement and Release; (f) that you understand that the terms of this
     Agreement and Release are legally enforceable; (g) that you have entered
     into this Agreement and Release freely, voluntarily, knowingly and
     willingly and were in no manner coerced into signing it; (h) that neither
     this Agreement and Release nor the discussion and negotiation leading to it
     are or were, in any manner, discriminatory; (i) that you were, and hereby
     are, encouraged to discuss any questions, problems, or issues concerning
     this Agreement and Release with the Company BEFORE signing it; (j) that you
     are waiving rights and claims you may have in exchange for consideration in
     addition to things of value to which you are already entitled; and (k) that
     after signing this Agreement and Release you have a period of seven (7)
     days in which to revoke your agreement, however, any such revocation must
     be in writing and must be addressed to Pamela A. Davidson, Assistant
     Corporate Counsel, Hollinger International Inc., 350 North Orleans,
     Chicago, Illinois 60654.

<PAGE>

Mr. Peter Lane
December 20, 2005
Page 7


Peter, please indicate your understanding and acceptance of this Agreement and
Release by executing both copies below, and retaining one fully executed
original for your files and returning one fully executed original to me.

                                        Very truly yours,

                                        HOLLINGER INTERNATIONAL INC.


                                        By:
                                            ------------------------------------
                                            Gordon Paris,
                                            President and Chief Executive
                                            Officer


I hereby accept the terms of this agreement
and agree to abide by the provisions hereof:


-------------------------------------
Peter Lane

Dated:
       ------------------------------