Nir Zuk signs MoU to buy Channel 13

Israeli businessman Nir Zuk has signed a memorandum of understanding with Channel 13 and its controlling owner Len Blavatnik to study the acquisition of the Israeli television station, subject to due diligence.

According to the information received by Globes, the value of the deal is between 70 and 90 million dollars, which is not one of the larger amounts that we talked about in the past. This time there is seriousness surrounding the deal, mainly due to the fact that people around controlling shareholder Len Blavatnik have agreed to talk about smaller amounts.

Zuk, a technology entrepreneur and founder of cybersecurity giant Palo Alto Networks, has been trying to enter the Israeli media sector for some time. Recently, the media project called “Relevant” that he founded about 18 months ago, in which he invested an estimated NIS 100 million, was shut down.

Channel 13 seeks stability

There has been much talk in the past about Zuk’s interest in purchasing Channel 13 and entering the media industry in Israel. Everything the company has been through lately has made controlling shareholders realize that change is needed – and this after the hiring of a controversial CEO for the news company that caused a great deal of uproar, falling valuations, economic decline, and high CEO turnover. All this led to instability in the company.

The third event that pushed Channel 13 to where it is now was the withdrawal of investor Ofer Yanai, who intended to buy 10% of the company. His entry was supposed to result in an infusion of funds that would provide breathing space to pay salaries.

Published by Globes, Israel Business News – en.globes.co.il – on December 16, 2024

© Copyright Globes Publisher Itonut (1983) Ltd., 2024