Hollinger Inc. will no longer have control of the Sun-Times Media Group (STMG), after a Canadian court approved a deal allowing the two to go their separate ways, Editor & Publisher reported Tuesday.

Ontario Superior Court Judge Colin Campbell on Monday passed the settlement agreement that states all the litigation and disputes between STMG, Hollinger Inc. and Hollinger's largest secured creditor, Toronto firm Davidson Kempner Capital Management LLC are resolved.

The entirety of Hollinger Inc.'s Class B shares, with 10-to-1 voting rights permitted to have a 70 percent voting stake in STMG with around 19 percent equity interest, will be transformed to Class A shares with one vote per share. Meanwhile, Davidson Kempner will receive a 20 percent stake in STMG, E&P reported.

“This is another step in achieving the goals we have laid out to our shareholders: improved operating performance, resolution of the Company's unique legacy issues, and exploration of strategic alternatives for the Company,” Cyrus F. Freidheim Jr., STMG president and CEO, said in a statement, according to E&P.

STMG is looking into strategic possibilities, which include the sale of all or few of its newspapers, E&P reported.