Ravelston, the Toronto-based holding company once controlled by fallen newspaper baron Conrad Black, pleaded guilty yesterday to one count of fraud and agreed to pay a $7 million fine.

Black, a Canadian-born media mogul turned British lord, had sought to block the company from copping a plea, arguing it would ruin his chances of a fair trial. A Canadian judge disagreed.

As part of its guilty plea in Chicago court, Ravelston admitted to approving bonuses masked as non-compete payments linked to a sale of a group of newspapers in September 2000.

The newspapers were sold for $14 million, with $400,000 improperly set aside for payments.

Ravelston, which went into receivership in 2005, got one-quarter of the payments.

Black, 62, has pleaded not guilty to charges he looted millions from Hollinger International, the newspaper empire he controlled through Ravelston.