Trump has also pardoned Patrick Nolan, a former Republican leader of the California State Assembly.
He called it a long ordeal that was "never anything but a confluence of unlucky events, the belligerence of several corporate governance charlatans, and grandstanding local and American judges, all fanned by an unusually frenzied global media showing exceptional interest in the case because I was a media owner". "On to better things and brighter days".
At its peak, Black's newspaper group was one of the largest media empires in the world, with revenues in the billions of dollars and global daily circulation in the millions.
Lord Black, born in Montreal, Canada, was the former head of Hollinger International, which once owned the Daily Telegraph, Chicago Sun-Times, Jerusalem Post and hundreds of community papers in the USA and Canada.
"I said "Mr President, you do me great honour telephoning me", Lord Black wrote.
Two of the criminal fraud charges were dropped on appeal. He had originally been sentenced to 78 months in jail, but had his sentence reduced after the U.S. Supreme Court struck down several of his initial convictions. He is still a British citizen.
In 2013, the US Securities and Exchange Commission banned him from acting as a director of a US company and ordered him to pay $4.1 million in restitution.
He also penned and op-ed for Canada's National Post, a newspaper he founded in the 1990s, in response to the pardon.
Montreal-born Black renounced his Canadian citizenship in 2001 after a spat with then prime minister Jean Chretien, who protested the media owner's peerage to Britain's House of Lords.
President Donald Trump has pardoned a media mogul who just so happened to author a book gushing about the Trump presidency.
In it, he said "Americans will likely and rightly judge (Trump) a success, despite his lapses of suavity. he is a man of his times, and his time has come".