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                                                                    Exhibit 99.1

                             CORRECTION FROM SOURCE

                                 HOLLINGER INC.
                         ANNOUNCES REVISED PRICING TERMS

            INDEPENDENT PRIVATIZATION COMMITTEE PROPOSES SHAREHOLDERS
             VOTE ON PROPOSED SHARE CONSOLIDATION AND PRIVATIZATION

The following corrects and replaces the release sent earlier today March 7, 2005
at 8:55 a.m. ET. The references to the conclusions of GMP Securities Ltd. in the
GMP Valuation have been modified.

     Toronto, Ontario, Canada, March 7, 2005 - Hollinger Inc. ("Hollinger")
(TSX: HLG.C; HLG.PR.B) announced today that its Board of Directors (the "Board")
has received notification from The Ravelston Corporation Limited ("Ravelston"),
Hollinger's controlling shareholder, that, in connection with the proposed share
consolidation going private transaction (the "Going Private Transaction")
involving Hollinger announced on October 28, 2004, Ravelston will support such
transaction on the following revised terms and conditions:

o    holders of retractable common shares (the "Common Shares") of Hollinger
     (other than Ravelston and certain of its affiliated entities) would receive
     an aggregate of C$7.60 and the Additional Amount per Share (as defined
     below), if any, in cash for each Common Share held by them; and

o    holders of Common Shares would receive a contingent cash payment right (a
     "CCPR") that would entitle them to participate in their proportionate
     interest in the economic benefit of certain potential claims and
     litigation.

     Holders of Series II Preference Shares of Hollinger would continue to
receive 0.46 of a share of Class A Common Stock of Hollinger International Inc.
("Hollinger International") for each Series II Preference Share held by them.

Review of Going Private Transaction by the Independent Privatization Committee

     Following receipt of Ravelston's written intention with respect to the
Going Private Transaction in October 2004, the Board established a committee of
independent directors (the "Independent Privatization Committee"), currently
comprised of Messrs. Robert J. Metcalfe and Allan Wakefield, to consider,
evaluate and make a recommendation to the Board concerning the proposed Going
Private Transaction. The Independent Privatization Committee was further
empowered to, among other things, consider and advise the Board whether, in
their opinion, the proposed Going Private Transaction is in the best interests
of Hollinger, the holders of its Common Shares and/or the holders of its Series
II Preference Shares.

     In accordance with the requirements of the applicable securities
legislation and policies concerning transactions such as the Going Private
Transaction, GMP Securities Ltd. ("GMP") was retained to provide a formal
valuation of the outstanding Common Shares (the "GMP Valuation") under the
supervision of the Independent Privatization Committee, and the GMP

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Valuation was delivered by GMP to the Independent Privatization Committee on
March 6, 2005. Based upon the scope of its review and subject to the
qualifications and assumptions contained in the GMP Valuation, GMP estimates the
fair market value, as at March 1, 2005, of the outstanding Common Shares was in
the range of C$7.21 to C$7.57 per Common Share. In addition, GMP provided a
formal valuation of the outstanding Series II Preference Shares. Based upon the
scope of its review and subject to the qualifications and assumptions contained
in its valuation, it is the view of GMP that the value of the outstanding Series
II Preference Shares is equivalent to 0.46 of a share of Class A Common Stock of
Hollinger International.

     On March 6, 2005, after reviewing the revised terms and conditions of the
Going Private Transaction as supported by Ravelston, the GMP Valuation and a
number of other factors, the Independent Privatization Committee determined:

     (i)  to recommend to the Board that all necessary actions be taken in order
          that the special resolutions to effect the Going Private Transaction
          be submitted to a meeting (the "Meeting") of the holders of Common
          Shares and the Series II Preference Shares of Hollinger on March 31,
          2005; and

     (ii) not to make any recommendation with respect to how holders of Common
          Shares and Series II Preference Shares of Hollinger should vote on the
          special resolutions to effect the Going Private Transaction.

No Determination Made in Respect of Going Private Transaction by the Board at
This Time

     A meeting of the Board is scheduled to be held following the hearing before
Justice Colin Campbell of the Ontario Superior Court of Justice on March 7, 2005
to formally receive the report and recommendations of the Independent
Privatization Committee, following which the Board will make its determination
in respect of the Going Private Transaction. On February 25, 2005, the
independent directors of Hollinger applied to Justice Campbell for, among other
things, advice and direction as to whether in the circumstances the Going
Private Transaction should be put to a vote by Hollinger's shareholders before
Ernst & Young Inc. delivers its final report in connection with its inspection
of related party transactions.

     The Going Private Transaction remains subject to the approval of the Board,
any order of the Court and the approvals and processes referenced in Hollinger's
October 28, 2004 press release. Subject to receipt of the requisite approvals,
formal documentation for the Meeting, including a management proxy circular (the
"Circular"), will be mailed to shareholders of Hollinger in the near future. The
Circular will describe in greater detail information concerning the Going
Private Transaction, including a copy of the GMP Valuation, as well as set out
the procedure for shareholders of Hollinger to receive the consideration for
their Common Shares or Series II Preference Shares upon the Going Private
Transaction becoming effective.

Second Valuation and Potential Common Share Price Adjustment

     Following the public release by Hollinger International of its 2004 audited
annual financial statements (the "HII Statements"), an independent valuator (the
"Second Valuator")

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will perform a formal valuation (the "Second Valuation") of the Common Shares.
The Second Valuation will, to the extent necessary, reflect information set out
in the HII Statements contained in Hollinger International's Form 10-K filed
with the U.S. Securities and Exchange Commission for the year ended December 31,
2004 and update the value range (the "Updated Valuation Range") determined for
the Common Shares (the "Initial Valuation Range") contained in the GMP
Valuation. The Second Valuator and the Second Valuation will be under the
supervision and direction of the current members of the Independent
Privatization Committee.

     Hollinger will publicly disclose the Updated Valuation Range via press
release following receipt of same from the Second Valuator. Each holder of
Common Shares (other than Ravelston and certain of its affiliated entities) will
receive, subject to applicable laws (including solvency requirements), an
additional amount per Common Share equal to the amount, if any, by which the
mid-point of the Updated Valuation Range exceeds C$7.39, being the midpoint of
the Initial Valuation Range (the "Additional Amount per Share"). In no event
will the Additional Amount per Share be less than nil.

CCPRs

     In order to address concerns with respect to the possible uncertainty of
value in respect of potential claims and litigation, in the event that the Going
Private Transaction is effected, holders of Common Shares (other than holders
who dissent in respect of the resolution relating to the Going Private
Transaction at the Meeting) would receive a CCPR that would entitle them to
participate in their proportionate interest in the economic benefit of certain
potential claims and litigation. Generally, the specified claims and litigation
will be claims by Hollinger against Ravelston or Ravelston-related entities or
persons arising from related party transactions occurring prior to the effective
time of the Going Private Transaction, including transactions reported on in any
final report of Ernst & Young Inc., but excluding book debts referred to in the
GMP Valuation. The litigation will be controlled by a Litigation Panel comprised
of three of Hollinger's current independent directors. The agreement governing
the terms of the CCPRs will require approval of the independent directors of
Hollinger and the receipt of all necessary regulatory approvals and the parties
intend to seek a confirmatory order of the Ontario Superior Court of Justice
approving such agreement. The terms and structure of the CCPRs will be described
in greater detail in the Circular.

Company Background

         Hollinger's principal asset is its interest in Hollinger International
which is a newspaper publisher, the assets of which include the Chicago
Sun-Times, a large number of community newspapers in the Chicago area and a
portfolio of news media investments. Hollinger also owns a portfolio of
revenue-producing and other commercial real estate in Canada, including its head
office building located at 10 Toronto Street, Toronto, Ontario.


Media contact:
Larry Parnell
Hill & Knowlton
416-413-4623
larry.parnell@hillandknowlton.ca


                              www.hollingerinc.com