BREAKING NEWS

'Makor Rishon' publisher to buy 'Ma'ariv' for NIS 85m.

By JPOST.COM STAFF, GLOBES

SEPTEMBER 7, 2012 20:32

Shlomo Ben-Tzvi, the publisher of religious Israeli daily Makor Rishon has agreed to buy Israeli daily Ma'ariv from from Nochi Dankner for NIS 85 million, Globes reported on Friday.

Ben Tzvi will not assume Ma'ariv's debts as part of the deal, nor will he obtain Ma'ariv's printing house.

"The buyer intends to continue the activities of the newspaper after completion of the deal," Ma'ariv said in a letter to the stock exchange.

As part of the deal, which is expected to be completed by next month, 300-400 of the 2,000 total Ma'ariv employees will be offered work at Makor Rishon.

The move came after Ma'ariv announced last week that it would soon cease to print a daily print edition due to financial difficulties.

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