<PAGE>
                                                                EXHIBIT 10.23



                                                          [WITHOUT PREJUDICE]
                                                        [SUBJECT TO CONTRACT]

DATED                                           23 MARCH 2004

                          HOLLINGER INTERNATIONAL INC.

                             TELEGRAPH GROUP LIMITED

                                      -and-

                              DANIEL WILLIAM COLSON

                   ------------------------------------------
                          [DRAFT] COMPROMISE AGREEMENT
                   ------------------------------------------

                                 HERBERT SMITH
                                 Exchange House,
                                Primrose Street,
                                London EC2A 2HS
                               Tel: 020 7374 8000
                               Fax: 020 7374 0888

                                                                               1

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                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
CLAUSE                                                                 PAGE
<S>                                                                    <C>
1.    TERMINATION OF EMPLOYMENT AND DEPARTURE ARRANGEMENTS..........     1

2.    RESIGNATION OF OFFICE.........................................     3

3.    COMPENSATION FOR LOSS OF EMPLOYMENT...........................     4

4.    TAX INDEMNITY.................................................     5

5.    COVENANTS.....................................................     6

6.    WARRANTIES AND COMPROMISE OF CLAIMS...........................     8

7.    LEGAL FEES....................................................    11

8.    MISCELLANEOUS.................................................    11

9.    INTERPRETATION................................................    12

SCHEDULE 1..........................................................    15

SCHEDULE 2..........................................................    17

SCHEDULE 3..........................................................    18

SCHEDULE 4..........................................................    19
</TABLE>

                                                                               2
<PAGE>

                                                             [WITHOUT PREJUDICE]
                                                           [SUBJECT TO CONTRACT]
                                                                         [DRAFT]

This COMPROMISE AGREEMENT is made on 23 March 2004

BETWEEN:

1.    HOLLINGER INTERNATIONAL INC. of 712 Fifth Avenue, 18th Floor, New York, NY
      10019, USA ("HOLLINGER");

2.    TELEGRAPH GROUP LIMITED of 1 Canada Square, Canary Wharf, London, E14 5DT
      ("TELEGRAPH"); and

3.    DANIEL WILLIAM COLSON of to 19 Hanover Terrace, Regent's Park, London
      NW1 4RJ (the EXECUTIVE)

WHEREAS:

(A)   The Executive is presently employed by Telegraph on the terms and the
      conditions set out in a service agreement dated 17 November 1992 (the
      "EMPLOYMENT CONTRACT").

IT IS AGREED as follows:

1.    TERMINATION OF EMPLOYMENT AND DEPARTURE ARRANGEMENTS

1.1   TERMINATION DATE

      1.1.1 The Executive's employment with Telegraph shall terminate on 3 April
            2004 (the "TERMINATION DATE"). Until the Termination Date:

            (A)   the Executive may not attend the offices of Hollinger or
                  Telegraph or any other Related Entity save in order to collect
                  his personal possessions and communicate his departure (as
                  described in clause 5.1.3) at a time to be agreed with
                  Telegraph; or

            (B)   have any business contact with any customers, clients or
                  employees of Hollinger, Telegraph or any other Related Entity,

            without the prior consent of the Hollinger Board or the Telegraph
            Board save in relation to carrying out his duties as a director of
            Hollinger.

      1.1.2 The Executive will receive his P45 (made up to the Termination Date)
            as soon as reasonably practicable after the Termination Date.

1.2   ANNOUNCEMENT

      1.2.1 Telegraph will within 7 days of the date of this Agreement announce
            the Executive's departure in the terms of the draft announcement
            attached at Schedule 1 and will deal with oral queries consistently
            with the terms of that announcement without a gloss of any kind.

                                                                               1

<PAGE>

1.3   SALARY AND BENEFITS

      1.3.1 Save as set out in this Agreement, the Executive's entitlement to
            salary and all other benefits associated with his employment by
            Telegraph shall continue until the Termination Date when they shall
            cease.

1.4   PENSION

      1.4.1 The Executive's active membership of The Telegraph Executive Pension
            Scheme (the "PENSION SCHEME") shall cease with effect from the
            Termination Date but he will remain a member of the Pension Scheme
            for the purpose of receiving accrued benefits. The Executive will in
            due course be sent a statement of his benefits under the Pension
            Scheme and of the options available to him.

1.5   EXPENSES

      1.5.1 Telegraph shall reimburse the Executive for all expenses properly
            incurred by him in the performance of his duties in accordance with
            its expenses policy.

1.6   COMPANY PROPERTY

      1.6.1 The Executive, agrees to return (and not retain or create whether by
            e-mail transmission or otherwise any copies of or extracts from) any
            and all:

            (A)   board minutes and papers provided to him in respect of offices
                  held in or on behalf of any Related Entity other than those
                  under his control or in his possession as a direct result of
                  his directorship of Hollinger;

            (B)   lists of customers, correspondence, documents, and computer
                  printouts (including copies and extracts);

            (C)   computer disks, tapes, computer equipment (including leads and
                  cables);

            (D)   credit cards, security passes, keys;

            (E)   car (which is to be returned in good condition, fair wear and
                  tear and reported accidents excepted) together with all
                  relevant documents and keys; and

            (F)   other tangible items in his possession or under his control,

            which belong to or relate to the business of any Related Entity or
            their customers, clients or suppliers, to Telegraph's premises at 1
            Canada Square, Canary Wharf, London, E14 5DT, on or before the
            Termination Date. After returning such property, the Executive shall
            at the request of Telegraph or Hollinger provide a written
            undertaking that he has complied with this clause.

                                                                               2

<PAGE>

      1.6.2 Subject to clause 1.6.3, Telegraph and Hollinger and any Related
            Entity will allow the Executive access to documents and other
            materials which were in his possession during his employment for the
            purpose of any inquiry or inspection or investigation under the
            Companies Acts, the Financial Services Act 1986, the Financial
            Services and Markets Act 2000 or similar legislation (whether in
            this jurisdiction or in any other) or by any regulatory authority or
            in connection with any proceedings brought against the Executive
            provided that:

            (A)   the Executive provides the Telegraph Company Secretary with a
                  written request for access to such documents and other
                  materials setting out a description of the documents and
                  materials to which he requests access;

            (B)   the documents or other materials requested by the Executive
                  are reasonably necessary to the purposes of assisting such
                  inquiry or inspection or investigation; and

            (C)   allowing the Executive access to such documents or other
                  materials would not materially adversely affect the interests
                  of any Related Entity.

      1.6.3 Nothing in Clause 1.6.2 shall prevent any Related Entity allowing
            the Executive access to documents and other materials which were in
            his possession during his employment where such access is required
            by law or the regulations of any statutory or regulatory authority.


      1.6.4 The Executive shall, prior to the Termination Date, provide to
            Telegraph full details of all then current passwords used by the
            Executive in respect of computer equipment belonging to any Related
            Entity and, having forwarded a copy to Telegraph, will not retain
            any computer drives, disks, tapes or other re-usable material in the
            Executive's possession or under his control (but which do not belong
            to any Related Entity) any information belonging or relating to the
            business of any Related Entity, their customers, clients or
            suppliers (other than any such material in the Executive's
            possession or under his control as a direct result of, or which is
            reasonably necessary for, his directorship of Hollinger).

2.    RESIGNATION OF OFFICE

2.1   The Executive hereby resigns with effect from the date of this Agreement
      from:

      2.1.1 each and every directorship, office or and appointment which he
            holds in any Related Entity; and

      2.1.2 acting as a trustee of any pension fund or employee benefit trust in
            which any Related Entity is a participating company

      save that, in respect of Hollinger, he shall remain as a director but
      resign from his position of Chief Operating Officer.

2.2   The Executive agrees to sign and return to the Telegraph Company Secretary
      a letter in the form of the attached Schedule 2 resigning from each such
      directorship, office or appointment within 24 hours of being provided by
      the Telegraph Company Secretary

                                                                               3

<PAGE>

      with a list of each directorship, office or appointment in any Related
      Entity which he held immediately before execution of this Agreement.

3.    COMPENSATION FOR LOSS OF EMPLOYMENT

3.1   COMPENSATION PAYMENT

      3.1.1 As compensation for the Executive's loss of employment with
            Telegraph, Telegraph shall pay to the Executive (without any
            admission of liability) the sum of(pound)118,963 less such
            deductions for income tax and employee's National Insurance
            Contributions as are legally required (whether in respect of this
            payment or the provision of any other payment or benefit to the
            Executive) in accordance with clause 3.1.2; and

      3.1.2 Telegraph shall pay to the Executive, the sum referred to in clause
            3.1.1 within 14 days after the later of the Return Date and the
            Termination Date.

      3.1.3 Telegraph considers that the first(pound)30,000 of the termination
            payment paid to the Executive under clause 3.1.1 may be paid free of
            tax. Telegraph understands that income tax on the balance of the
            payment under 3.1.1 can be deducted at the basic rate and the
            Executive will account to the Inland Revenue for the marginal rate
            of tax in due course.

3.2   TELEGRAPH BENEFITS

      3.2.1 Telegraph will permit the Executive (subject to the consent of the
            relevant provider and to the rules of the applicable scheme) to
            continue to participate in the Telegraph's private health insurance,
            permanent health insurance and life assurance arrangements on the
            current basis until the relevant renewal date but only insofar as
            Telegraph has already paid the relevant scheme provider for such
            arrangement until such renewal date. Telegraph will notify the
            Executive prior to the Termination Date of the dates on which each
            such arrangement shall expire in respect of the Executive.

3.3   HOLLINGER STOCK OPTIONS

      3.3.1 In relation to the existing vested stock options granted to the
            Executive under the Hollinger 1997 Stock Incentive Plan and the
            Hollinger 1999 Stock Incentive Plan (the "PLANS") (the brief details
            of which are set out in Section 1 of Schedule 4 of this Agreement)
            (the "VESTED OPTIONS"):

            (A)   subject to clause (B) below, it is confirmed that
                  notwithstanding the provisions of any relevant stock option
                  plans, Hollinger shall procure that the Executive shall be
                  entitled to exercise all Vested Options granted to him under
                  the Plans within 30 days of the Termination Date, failing
                  which exercise the options shall lapse automatically; and

            (B)   if, in respect of any particular day, Hollinger notifies the
                  Executive (or prior to the Date of this Agreement has notified
                  the Executive) that he is prohibited from exercising some or
                  all of the Vested Options or if the Executive is prohibited by
                  law from exercising some of all of the Vested Options then
                  that day shall not count towards the 30 days within which he
                  must exercise the Vested Options. Accordingly the

                                                                               4

<PAGE>

                  reference in clause 3.3.1(A) to 30 days means an aggregated
                  period of 30 days on which no such restriction on exercise of
                  the Vested Options shall apply. Hollinger undertakes that the
                  Company Secretary of Hollinger will give to the Executive
                  seven days' advance written notice of the date on which such
                  period of restriction will lapse, or if this is not reasonably
                  practicable, to notify the Executive in writing of the lapse
                  of such restrictions as soon as reasonably practicable and, in
                  any event, within 24 hours of the lapse occurring. The Company
                  Secretary of Hollinger also undertakes to notify the Executive
                  in writing of any further period of restriction on the
                  exercise of the Vested Options at the same time that other
                  parties bound by such restriction are notified.

      3.3.2 In relation to the existing unvested stock options granted to the
            Executive under the Hollinger 1999 Stock Incentive Plan (the "1999
            PLAN") (the brief details of which are set out in Section 2 of
            Schedule 4 of this Agreement) (the "UNVESTED OPTIONS"), it is
            confirmed that all Unvested Options granted to the Executive under
            the 1999 Plan shall be forfeited automatically on the Termination
            Date.

      3.3.3 It is agreed that the Executive has no rights in respect of any
            awards of shares or stock over any Related Entity or options over
            shares or stock in any Related Entity other than in respect of the
            Vested Options as set out in clause 3.3.1.

4.    TAX INDEMNITY

4.1   Telegraph is proceeding on the basis that the first (pound)30,000 of the
      payment it makes to the Executive in accordance with clause 3.1 will not
      be subject to the deduction of tax and will therefore pay it to the
      Executive free of tax. However, the amount of tax for Telegraph and
      Hollinger is ultimately a matter for the Inland Revenue and any other
      competent tax authority, and the Executive shall be responsible for the
      payment of any taxes and any interest, penalties or fines in connection
      with such taxes, imposed by any competent taxation authority in respect of
      all payments of any nature paid to the Executive under this Agreement or
      in connection with the termination of his employment with any Related
      Entity (including any income tax on the first (pound)30,000 of payment
      that Telegraph makes to the Executive in accordance with clause 3.1 but
      excluding secondary class 1 National Insurance Contributions to the extent
      that recovery of the same from the Executive is prohibited by law) save
      where such interest, penalties or fines arise out of the delay, error or
      default of Hollinger, Telegraph or any Related Entity of its or their
      failure to account to the Inland Revenue for deductions which have been
      made.

4.2   Subject to clause 4.3 below, the Executive undertakes to Hollinger,
      Telegraph (for themselves and on behalf of all other Related Entities) to
      indemnify each Related Entity in full (on a continuing basis) against any
      such taxes and any interest, penalties, costs or fines in connection with
      such taxes imposed by any competent taxation authority in respect of all
      payments of any nature paid to the Executive under this Agreement or in
      connection with the termination of his employment with any Related Entity
      (including any income tax on the first (pound)30,000 of payment that
      Telegraph makes to the Executive in accordance with clause 3.1 but
      excluding secondary class 1 National Insurance Contributions to the extent
      that recovery of the same from the Executive is prohibited by law).

                                                                               5

<PAGE>

4.3   Hollinger and Telegraph will each forthwith upon receipt by it or any
      Related Entity of any request for payment, assessment, demand or other
      notification of liability or potential liability to tax or National
      Insurance contributions, interest, penalties or fines, or it or they
      otherwise becoming aware of any circumstances which may give rise to a
      claim under the indemnity in clause 4.2 forward such request, assessment,
      demand or notification or notify such circumstances to the Executive and
      shall thereafter take only such action in relation thereto as the
      Executive may reasonably require and shall co-operate fully in any
      challenge which the Executive may pursue to such request, assessment,
      demand, notification or circumstances.

5.    COVENANTS

5.1   Subject to clause 5.6 and in consideration of the payment by Telegraph of
      (pound)1,000 (such payment to be made within 14 days after the later of
      the Return Date and the Termination Date and less any legally required
      deductions) the Executive undertakes as a condition of this Agreement to
      each of Hollinger and Telegraph for itself and on behalf of all other
      Related Entities as follows:

      5.1.1 the Executive will not (unless authorised to do so by either the
            Hollinger Board, the Telegraph Board or in connection with
            proceedings before a Court or tribunal of competent jurisdiction)
            directly or indirectly:

            (A)   use for his own benefit or for the benefit of any persons; or

            (B)   disclose or permit the disclosure of

            any confidential information of any Related Entity which the
            Executive has obtained by virtue of his employment or in respect of
            which he is aware that any Related Entity is bound by an obligation
            of confidence to a third party. Confidential information shall
            include, without limitation, information relating to the business,
            affairs, products or processes, business plans, forecasts,
            information relating to research products, future business strategy,
            tenders and any price sensitive information of any Related Entity.
            This restriction shall not apply to any information in the public
            domain other than by reason of unauthorised disclosure;

      5.1.2 the Executive will treat the contents of this Agreement as
            confidential and will not disclose or cause to be disclosed the
            negotiations surrounding this Agreement, the fact of this Agreement
            and any of its terms to any person, firm or company save to the
            Executive's spouse, for the purpose of receiving professional
            advice, in connection with proceedings before a Court or tribunal of
            competent jurisdiction or as required by law or the regulations of
            any statutory or regulatory authority or, insofar as such disclosure
            is consistent with the contents of the announcement at Schedule 1,
            in connection with any application for or negotiation over future
            employment, engagement or participation in a business venture;

      5.1.3 save with the prior written consent of either Hollinger or Telegraph
            (such consent not to be unreasonably withheld or delayed) or as
            required by law or the regulations of any statutory or regulatory
            authority, the Executive will not make or issue or cause to be made
            or issued any statement (internally or externally) relating to his
            employment with Hollinger or Telegraph or office in

                                                                               6
<PAGE>

            any Related Entity (other than in connection with performing his
            duties as a director of Hollinger), his departure from any Related
            Entity or the reasons for his departure (such consent to come from
            the Hollinger Board or the Telegraph Board or a person duly
            authorised by either such board for the purpose) save that the
            Executive will be permitted to personally advise senior Telegraph
            staff of his retirement in terms consistent with the contents of the
            announcement at Schedule 1;

      5.1.4 save as required by law or the regulations of any statutory or
            regulatory authority, the Executive will not make, publish or cause
            to be made or published any statement or remark which may harm the
            business or reputation of any Related Entity or any officer,
            employee, agent, customer, supplier or shareholder of any such
            entity;

      5.1.5 if at any point the Executive is called upon by any Related Entity
            to provide assistance in any litigation or potential litigation with
            which any Related Entity may be involved, he shall provide such
            assistance as Hollinger, Telegraph or any other Related Entity may
            reasonably require, including but not limited to assisting in
            preparing witness statements and attending at court to give
            evidence. Telegraph, Hollinger or any other Related Entity shall
            meet any reasonable costs and expenses incurred by the Executive in
            providing such assistance including the Executive's reasonable legal
            costs in seeking advice in connection with such assistance; and

      5.1.6 prior to the Termination Date, the Executive shall comply with all
            reasonable requests of Telegraph or Hollinger to ensure that a
            smooth transition of his responsibilities can be effected to any
            successor(s) or other colleague(s).

5.2   Telegraph and Hollinger undertake for themselves and on behalf of all
      other Related Entities, as a condition of this Agreement as follows:

      5.2.1 save as provided by clause 1.2 above or with the prior written
            consent of the Executive (such consent not to be unreasonably
            withheld or delayed), or as required by law, the regulations of any
            statutory or regulatory authority, or in connection with proceedings
            before a Court or tribunal of competent jurisdiction, they will not
            make or issue or cause to be made or issued any statement
            (internally or externally) relating to the Executive's employment
            with Hollinger or Telegraph or office in any Related Entity (other
            than in connection with performing his duties as a director of
            Hollinger), his departure from any Related Entity or the reasons for
            his departure;

      5.2.2 save as required by law or the regulations of any statutory or
            regulatory authority or in connection with proceedings before a
            Court or tribunal of competent jurisdiction, they will not authorise
            or publish or cause to be made or published on behalf of Telegraph,
            Hollinger or any Related Entity any untrue, misleading, derogatory
            or disparaging statement or remark about the Executive and shall use
            their reasonable endeavours to procure that none of the directors,
            officers or senior employees of Telegraph, Hollinger or any Related
            Entity make or publish or cause to be made or published any untrue,
            misleading, derogatory or disparaging statement or remark about the
            Executive.

                                                                               7

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5.3   Subject to clause 5.5, in consideration of the payment by Telegraph
      of(pound)100,000 less such deductions for income tax and employee's
      National Insurance Contributions or any other taxes as are legally
      required (whether in respect of this payment or the provision of any other
      payment or benefit to the Executive), which shall be paid to the Executive
      in accordance with clause 5.4, the Executive undertakes to Telegraph (for
      itself and on behalf of all other Related Entities) as a condition of this
      Agreement that he will not:

      5.3.1 for a period of six months following the Termination Date, carry on,
            set up, be employed, engaged or interested in a business anywhere:

            (A)   which is or is about to be in competition with the business of
                  any Related Entity as at the Termination Date with which the
                  Executive was actively involved during the twelve month period
                  immediately prior to Termination Date; and

            (B)   in which Lord Black of Crossharbour (or any firm company, or
                  other entity with which Lord Black of Crossharbour has a
                  material business interest) has a material business interest

            save that this clause 5.3 shall not prohibit the Executive from
            retaining any shares which he holds at the date of this Agreement in
            Ravelston Corporation and Hollinger Inc or from holding (directly or
            indirectly) less than five per cent of any class of shares or other
            capital of any company whose shares or other capital are listed on,
            or dealt in on or under the rules of an investment exchange,
            including any market comprised within such exchange, which is the
            subject of a recognition order made in accordance with section 290
            and 292, Financial Services and Markets Act 2000.

5.4   Subject to clause 5.5, Telegraph shall pay the Executive the sums referred
      to clause 5.3 in six equal monthly instalments, the first of which shall
      be payable within 14 days after the later of the Return Date and the
      Termination Date, and the remaining five instalments shall be payable at
      monthly intervals thereafter.

5.5   In the event the Executive does not comply with the terms of the
      restrictive covenant set out in 5.3, Telegraph shall cease to have any
      obligation to make any further payments to the Executive under clause 5.3.

5.6   Nothing in this Agreement shall preclude the Executive from making a
      protected disclosure in accordance with the provisions set out in the
      Employment Rights Act 1996.

6.    WARRANTIES AND COMPROMISE OF CLAIMS

6.1   Save in relation to matters referred to in the decision of Vice Chancellor
      Strine in the Court of Chancery of the State of Delaware in and for New
      Castle County, dated 26 February 2004, reference C.A. No. 183-N the
      Executive warrants that:

      6.1.1 he has committed no material breach of duty (including fiduciary
            duty) to Telegraph, Hollinger or any other Related Entity; and

                                                                               8

<PAGE>

      6.1.2 he has no knowledge or suspicion that any employee or officer of any
            Related Entity has committed or proposes to commit any serious
            wrongdoing or serious breach of duty.

6.2   The Executive represents to Telegraph and Hollinger (for themselves and on
      behalf of any Related Entities and the current or former officers,
      employees or agents of themselves and any Related Entities, together the
      "AFFILIATES") that he accepts and he does hereby accept the terms of this
      Agreement in full and final settlement of any claims he may have against
      the Company or any of its Affiliates in respect of:

      6.2.1 any common law claims, including any claim for breach of contract or
            tort; or

      6.2.2 any claim that he was unfairly dismissed under the Employment Rights
            Act 1996 ("ERA") Part X, Chapter 1, Section 94; or

      6.2.3 any claim for a redundancy payment under the ERA, Part XI, Chapter
            1, Section 135,

      being claims previously intimated by or on behalf of the Executive and the
      Executive warrants that, having been advised by Cerys Williams of Fox
      Williams, Ten Dominion Street, London, EC2M 2EE, he is not aware of any
      other statutory claim that he may have against Hollinger, Telegraph and/or
      any such Affiliate.

6.3   Without prejudice to clause 6.2, the Executive further represents to each
      of Hollinger and Telegraph (for themselves and on behalf of all their
      Affiliates) that he accepts and he does hereby accept the terms of this
      Agreement in full and final settlement of any Claims that he may have
      against Hollinger, Telegraph or any of their Affiliates relating to his
      employment, office or the holding of any office, the termination of his
      employment or of any office including (without limitation) any action that
      might be commenced before an Employment Tribunal or Court of law or any
      other tribunal or Court of law of competent jurisdiction in respect of:

      6.3.1 any claim(s) under European Law or pursuant to the European
            Convention of Human Rights;

      6.3.2 any claim in respect of unpaid wages and deductions from wages under
            ERA Part II, Section 13;

      6.3.3 any claim under the ERA relating to a protected disclosure as
            defined in part IVA of the ERA, and any other claim under the ERA;

      6.3.4 any claim under the Sex Discrimination Act 1975, Race Relations Act
            1976, the Disability Discrimination Act 1995, the Employment
            Equality (Sexual Orientation) Regulations 2003, or the Employment
            Equality (Religion or Belief) Regulations 2003 (together the
            "DISCRIMINATION LAWS") or any related EU legislation; or

      6.3.5 any claim under the Working Time Regulations 1998; or

      6.3.6 any other statutory claims or for breach of statutory duties; or

      6.3.7 or any claim in connection with his employment or its termination
            thereof with any Related Entity under US or Canadian law.

                                                                               9
<PAGE>

6.4   For the purposes of clause 6.3, "CLAIMS" shall mean claims that have
      arisen at the date of this Agreement or which subsequently arise in
      respect of acts or omissions occurring prior to the date of this Agreement
      and shall include any claim or right of action of which at the time of
      entering into this Agreement:

      6.4.1 neither the Executive nor Hollinger, Telegraph (nor any Affiliate)
            is aware; and

      6.4.2 the Executive but not the Hollinger or Telegraph (nor any Affiliate)
            is aware,

      including any claim or right of action arising from a subsequent
      retrospective change or clarification of the law. The Executive
      acknowledges that he agrees to the terms of clause 6.3 notwithstanding
      that he acknowledges that he may be mistaken as to the facts and/or the
      law concerning any potential claim or right of action.

6.5   Clauses 6.2 and 6.3 shall not apply to:

      6.5.1 any claim which the Executive may have for personal injury, or

      6.5.2 any entitlement of the Executive under the Rules of the Pension
            Scheme; or

      6.5.3 any claim or entitlement of the Executive in connection with the
            Vested Options (as referenced in clause 3.3 above).

6.6   The Executive acknowledges that the compromise of each of the claims set
      out in the sub-clauses to clauses 6.2 and 6.3 is and shall be construed as
      separate and severable and in the event of the compromise of any such
      claim being determined as being void for any reason, such invalidity shall
      not affect or impair the validity of the compromise of the other claims.

6.7   If the Executive issues or commences or causes to be issued or commenced
      any proceedings in breach of any of clauses 6.2 or 6.3, any payment made
      to the Executive under this Agreement must be repaid by the Executive to
      Telegraph forthwith and will be recoverable by Telegraph as a debt
      (without prejudice to or Telegraph's rights to any other remedy).

6.8   It is a condition of this Agreement, and the Executive confirms, that:

      6.8.1 the Executive has received independent legal advice from Cerys
            Williams, a relevant independent adviser in the firm of Fox
            Williams, Ten Dominion Street, London, EC2M 2EE, as to the terms and
            effect of this Agreement and in particular its effect on his ability
            to pursue his rights before an Employment Tribunal;

      6.8.2 the conditions in Section 203 of the Employment Rights Act 1996 and
            the equivalent provisions in the Discrimination Laws, the Working
            Time Regulations 1998, regulating Compromise Agreements are
            satisfied; and

      6.8.3 the relevant independent adviser named at clause 6.8.1 will provide
            to the Hollinger's and Telegraph's solicitors forthwith upon the
            execution by the Executive of this Agreement a letter duly signed
            and dated in the form of the agreed draft at Schedule 3.

6.9   Nothing in this Agreement:

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<PAGE>

      6.9.1 shall preclude the Executive from defending legal proceedings
            brought against him nor from asserting any counter-claim or set-off
            (other than for compensation in respect of any claims referred to in
            clauses 6.2 or 6.3) or from joining Telegraph or Hollinger or any
            Related Entity or any other third party in legal proceedings; or

      6.9.2 shall be deemed to release, waive or adversely affect any rights the
            Executive has under any by-law, certificate, memorandum and articles
            of association of Telegraph, Hollinger or any Related Entity or by
            law, policy or practice to defence and/or indemnity by Telegraph,
            Hollinger and/or any Related Entity or any rights under any
            liability insurance policy such as Directors and Officers Liability
            Insurance.

6.10  Telegraph, Hollinger and each Related Entity will maintain in force for a
      period of six years from the Termination Date on a continuing basis
      Directors' and Officers' liability insurance providing the Executive with
      not less than the level of cover from time to time in force in respect of
      other directors and officers of Hollinger in order to protect the
      Executive from claims in respect of the period during which the Executive
      was a director of Telegraph, Hollinger and any Related Entity.

7.    LEGAL FEES

7.1   Telegraph agrees to pay the Executive's reasonable legal fees in
      connection with taking advice leading to the completion of this Agreement
      up to a maximum of (pound)10,000 plus VAT to be paid within 14 days of
      receipt from the Executive's lawyer of a properly drawn invoice for costs
      addressed to the Executive as client and marked payable by Telegraph.

8.    MISCELLANEOUS

8.1   The rights of any Related Entities (other than Hollinger and Telegraph) to
      enforce the terms of this Agreement are subject to the term that the each
      of Hollinger and Telegraph has the right (which it may waive in whole or
      in part and without the consent of or consultation with any Related Entity
      other than Hollinger or Telegraph) to have the sole conduct of any
      proceedings in relation to the enforcement of such rights (including any
      decision as to commencement or compromise of such proceedings) but will
      not owe any duty or have any liability to any Related Entity in relation
      to such conduct.

8.2   The parties to this Agreement may agree to rescind or vary any term of
      this Agreement without the consent of any other Related Entities.

8.3   The terms of this Agreement shall prevail over the terms of the Employment
      Contract where such terms in the Employment Contract conflict with this
      Agreement in any way.

8.4   The Executive, Hollinger and Telegraph each confirm that, except as
      provided in this Agreement, neither he nor it has relied on any
      representation, warranty, assurance, covenant, indemnity, undertaking or
      commitment which is not contained in this Agreement and, without prejudice
      to any liability for fraudulent misrepresentation, the only rights or
      remedies in relation to any representation, warranty, assurance, covenant,
      indemnity, undertaking or commitment given or action taken in connection
      with this Agreement are contained in this Agreement, and for the avoidance
      of doubt

                                                                              11
<PAGE>

      and without limitation, the Executive nor Hollinger nor Telegraph have any
      right or remedy (whether by way of a claim for contribution or otherwise)
      in tort (including negligence) or for misrepresentation (whether negligent
      or otherwise, and whether made prior to, and/or in, this Agreement).

8.5   This Agreement shall be governed by and construed in accordance with
      English law and the parties submit to the non-exclusive jurisdiction of
      the English courts and tribunals.

8.6   This Agreement is without prejudice and subject to contract until it is
      dated and signed by all of the parties, at which point it shall be treated
      as an open document evidencing an agreement binding on the parties
      (notwithstanding that it may still be labelled "Draft", "Without
      Prejudice" or "Subject to Contract"). This Agreement may be executed in
      any number of counterparts each in the like form, all of which taken
      together shall constitute one and the same document and any party may
      execute this Agreement by signing and dating any one or more of such
      counterparts.

8.7   The Executive shall be deemed to have been served with any document or
      notice referred to in this Agreement by virtue of any such document or
      notice being either: (i) given personally to the Executive; or (ii) being
      sent by post to 19 Hanover Terrace, Regent's Park, London NW1 4RJ (or such
      address as the Executive may notify the Company Secretary of Telegraph
      from time to time). The time of such service shall be either the date on
      which the Executive receives the document or notice where service is given
      personally, or two working days after such notice or document has been
      posted where service is by post and posted within the same country, or
      seven working days after such notice or document has been posted where
      service is by post and posted from one country to another.

8.8   No variation of this Agreement shall be binding on either party unless and
      to the extent that the same is recorded in a written document executed by
      all parties.

9.    INTERPRETATION

9.1   In this Agreement:

      9.1.1 "AFFILIATES" shall have the meaning set out in clause 6.1;

      9.1.2 "EMPLOYMENT CONTRACT" shall have the meaning set out in Recital (A);

      9.1.3 "HOLLINGER BOARD" means the board of directors of Hollinger from
            time to time and includes any person or committee duly authorised by
            the board of directors to act on its behalf for the purposes of this
            Agreement;

      9.1.4 "PENSION SCHEME" shall have the meaning set out in clausel.4.1;

      9.1.5 "PLANS" shall have the meaning set out in clause 3.3.1;

      9.1.6 "RELATED ENTITY" means Telegraph, Hollinger and any other body
            corporate:

            (A)   which for the time being is a subsidiary of Hollinger or
                  Telegraph; or

            (B)   in whose equity share capital for the time being an interest
                  of 20 per cent or more is held directly or indirectly (through
                  another body corporate or other bodies corporate or otherwise)
                  by Telegraph,

                                                                              12

<PAGE>

                  Hollinger or any other subsidiary of Hollinger or Telegraph,
                  or by a combination of two or more such companies or
                  subsidiaries,

            where "SUBSIDIARY" shall have the meaning attributed to it by
            sections 736 of the Companies Act 1985 provided that the term
            "subsidiary" shall also include a subsidiary undertaking (as defined
            in section 258 of the Companies Act 1985) and "EQUITY SHARE CAPITAL"
            shall have the meaning attributed to it by section 744 of the
            Companies Act 1985;

      9.1.7 "RETURN DATE" shall mean the date on which the Company receives from
            the Executive a signed copy of this Agreement and the attachment at
            Schedule 3;

      9.1.8 "TELEGRAPH BOARD" means the board of directors of the Telegraph from
            time to time and includes any person or committee duly authorised by
            the board of directors to act on its behalf for the purposes of this
            Agreement; and

      9.1.9 "TERMINATION DATE" shall have the meaning set out in clause 1.1.1;

      9.1.10 "UNVESTED OPTIONS" shall have the meaning set out in clause 3.3.1;

      9.1.11 "VESTED OPTIONS" shall have the meaning set out in clause 3.3.2;

9.2   In this Agreement, unless the context otherwise requires:

      9.2.1 the contents page and headings and bold type face inserted in this
            Agreement are inserted for convenience only and shall not affect the
            interpretation of this Agreement;

      9.2.2 references to clauses, sub-clauses and schedules are to clauses,
            sub-clauses and schedules of this Agreement;

      9.2.3 words in the singular include the plural and vice versa, and a
            reference to any gender includes a reference to all genders or,
            where appropriate, is to be read as a reference to the opposite
            gender,

      9.2.4 a reference to a person includes a reference to a body corporate, an
            unincorporated body of persons and a partnership; and

      9.2.5 a reference to a statute or statutory provision includes a reference
            to that statute or provision as from time to time modified,
            extended, replaced or re-enacted and to any subordinate legislation
            made under the relevant statute or statutory provision.

IN WITNESS whereof the parties hereto have executed this Agreement as a Deed on
the day and year first above written.

                                                                              13

<PAGE>

SIGNED AS A DEED by                 )
DANIEL WILLIAM COLSON               )
In the presence of:                 )   /s/ DANIEL WILLIAM COLSON
                                        --------------------------

                                        /s/ JAN LANE
                                        --------------------------
                                        JAN LANE
Signature of Witness                    6 HEATHFIELD HOUSE
Name of Witness (in print)              ELIOT PLACE
Address of Witness                      BLACKHEATH, LONDON SE5 BQW

SIGNED AS A DEED by            )
HOLLINGER INTERNATIONAL INC.   )
acting by                      )        /s/ GORDON A. PARIS
                                        --------------------------
                                           Gordon A. Paris
                            Chairman, President and Chief Executive Officer

SIGNED AS A DEED by            )
TELEGRAPH GROUP LIMITED        )
acting by                      )
                                        /s/ GORDON A. PARIS
                                        -----------------------------
                                        Gordon A. Paris, Director

                                        /s/ ROBERT T. SMITH
                                        ---------------------------
                                         Robert T. Smith, Director

                                                                              14
<PAGE>

                                   SCHEDULE 1

                                  ANNOUNCEMENT

                   JEREMY DEEDES APPOINTED DEPUTY CHAIRMAN AND
                 CHIEF EXECUTIVE OFFICER OF THE TELEGRAPH GROUP

           TELEGRAPH VETERAN TO LEAD NEWSPAPER GROUP AT LEAST THROUGH

                         CONCLUSION OF STRATEGIC PROCESS

              DANIEL COLSON TO RETIRE FROM HOLLINGER INTERNATIONAL
                                   MANAGEMENT

NEW YORK, NEW YORK, MARCH XX, 2004 - Hollinger International Inc. (NYSE:HLR)
announced today that Jeremy Deedes, former managing director of the Telegraph
Group of newspapers, has been appointed Deputy Chairman and Chief Executive
Officer of the Telegraph Group, effective immediately. In that capacity, Mr.
Deedes will oversee the management of the Group at least through the conclusion
of the Strategic Process, under which Hollinger International is evaluating
potential alternatives to maximize value for all shareholders.

Mr. Deedes replaces Daniel Colson, who today announced his retirement, effective
immediately, from all management and Board positions at Hollinger International
and its subsidiaries other than his directorship of Hollinger International.

Gordon Paris, Interim Chairman and Chief Executive Officer, said, "We are
delighted that Jeremy has agreed to assist us during this important time for
Hollinger International and the Telegraph Group. Jeremy's knowledge of the Group
and his perspective on the industry are invaluable assets. He is perfectly
suited to assume leadership of the Telegraph Group, and to look after the
interests of our staff, our readers and the shareholders of Hollinger
International."

"Jeremy will assist the Corporate Review Committee as it reviews potential
options for the Telegraph Group arising from the Strategic Process, and we look
forward to his counsel," continued Mr. Paris.

Mr. Deedes, 60, said: "I am not the first Deedes to be brought out of retirement
to help safeguard the future of these great publications. It is a great honour,
at this crucial time in the history of the Telegraph Group. I know that our
Group's principal asset is its staff, and our first task is to work around the
distractions of the Strategic Process that is currently underway. We must
continue to produce the best possible newspapers and look after a readership
that is the envy of our rivals.

"The past few months have been tough for all employees of the Telegraph Group,
and it is a great credit to all of them that the papers continue to thrive. With
support from the staff, the senior management team and our editors -- Martin
Newland, Dominic Lawson, and Boris Johnson, we will continue to dedicate
ourselves to what we do best -- producing the highest caliber newspapers,
expanding circulation, and increasing revenues and profitability."

                                                                              15

<PAGE>

Mr. Colson said, "Now that the deadline to submit bids under the Strategic
Process has passed, I believe this is the appropriate time for me to relinquish
my various operating roles with Hollinger International and its subsidiaries.

"In particular, my more than 10 years as Chief Executive of the Telegraph Group
have provided a unique opportunity to work with some of the most talented people
in the newspaper industry.

"I will always be proud of the way in which we worked together to build and
expand our titles, consolidating and enhancing the Group's reputation for
innovation and a journalistic excellence built on sound commercial foundations."

Jeremy Deedes retired as managing director of the Telegraph Group in November
2003, after a career which spanned 40 years in newspapers. He was managing
director for seven years, and prior to that was Group Editorial Director for 10
years. Mr. Deedes was a journalist for 22 years, before moving into newspaper
management in 1985 to help set up Today newspaper with Eddie Shah. His father,
W.F. Deedes, is a former editor of the Daily Telegraph and at the age of 90
remains a much-read commentator and columnist with the paper.

Hollinger International Inc. is a global newspaper publisher with
English-language newspapers in the United States, Great Britain, and Israel. Its
assets include The Daily Telegraph, The Sunday Telegraph and The Spectator
magazine in Great Britain, the Chicago Sun-Times and a large number of community
newspapers in the Chicago area, The Jerusalem Post and The International
Jerusalem Post in Israel, a portfolio of new media investments and a variety of
other assets.

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS: Certain statements made in
this release are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements
include, without limitation, any statement that may predict, forecast, indicate
or imply future results, performance or achievements, and may contain the words
"believe", "anticipate', "expect", "estimate", "project", "will be", "will
continue", "will likely result" or similar words or phrases. Forward-looking
statements involve risks and uncertainties, which may cause actual results to
differ materially from the forward-looking statements. The risks and
uncertainties are detailed from time to time in reports filed by Hollinger
International with the Securities and Exchange Commission, including in its
Forms 10 K and 10 Q. New risk factors emerge from time to time and it is not
possible for management to predict all such risk factors, nor can it assess the
impact of all such risk factors on the Company's business or the extent to which
any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements. Given these
risks and uncertainties, investors should not place undue reliance on
forward-looking statements as a prediction of actual results.

CONTACTS:

US/CANADA MEDIA
Molly Morse
Kekst and Company
212-521-4826
molly-morse@kekst.com

UK MEDIA
Jeremy Fielding
Kekst and Company
jeremy-fielding@kekst.com
1-212-521-4825

                                                                              16

<PAGE>

                                   SCHEDULE 2

                                  RESIGNATION

[TYPE ON HOME LETTERHEAD]

The Directors
[      ]

                                                                        [Date]

In accordance with clause 2 of the Compromise Agreement dated [INSERT DATE]
March 2004 between me, Hollinger International Inc. ("HOLLINGER") and Telegraph
Group Limited ("TELEGRAPH") (the "AGREEMENT"), I hereby with effect on and from
23 March 2004 resign from my appointment as Director of the Companies set out in
the attached list and from all other offices and appointment which I hold for or
on behalf of any Related Entity (as defined in the Agreement) other than
Hollinger and as trustee of any pension fund or employee benefit trust in which
any Related Entity is a participating company.

I confirm that there are no sums due to me as Director of any Related Entity,
and that I have no claim for compensation arising out of my ceasing to hold the
said appointments or otherwise.

I confirm that I have not directly or indirectly disclosed for any reason to any
person or otherwise made use of any confidential information relating to the
business or affairs of any Related Entity or otherwise permitted such
disclosure.

I agree to abide by such terms of my appointment as Director of each Related
Entity as may subsist after my resignation.

                                                                              17