Nir Zuk signs MoU to buy Channel 13

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Zuk has signed a memorandum of understanding with Channel 13 and its controlling owner Len Blavatnik to examine acquiring control of the TV station, subject to due diligence.

Israeli businessman Nir Zuk has signed a memorandum of understanding (MoU) with Channel 13 and its controlling owner Len Blavatnik to examine acquiring control of the Israeli TV station, subject to due diligence.

According to information received by "Globes," the deal is worth $70-90 million and not some of the much larger amounts spoken about in the past. This time there is a seriousness surrounding the deal, mainly due to the fact that those around controlling shareholder Len Blavatnik have agreed to talk about lower amounts.

Zuk, a tech entrepreneur and founder of cybersecurity giant Palo Alto Networks has been trying to enter Israel's media sector for some time. Recently, the media venture called Relevant that he founded about 18 months ago, and in which he invested an estimated NIS 100 million, was closed down.

Channel 13 seeks stability

There has been much talk in the past that Zuk was interested in buying Channel 13 and entering Israel's media industry. Everything that the company has been through recently has also pushed the controlling shareholders to realize that change is needed - this after the appointment of a controversial CEO to the news company that caused a great deal of uproar, low ratings, economic deterioration and high CEO turnover. All of this has created instability at the company.

A third event that pushed Channel 13 to the situation it is in now is the withdrawal of investor Ofer Yanai, who planned to purchase 10% of the company. His entry was supposed to inject funds that would provide breathing space for paying salaries.

Published by Globes, Israel business news - en.globes.co.il - on December 16, 2024

Tal Givoni