Billionaire Russian immigrant buys 20% stake in ‘Haaretz’

Former Russian oil tycoon Leonid Nevzlin has purchased major stake in Israeli newspaper for NIS 700 million.

By LIOR AVERBACH/ GLOBES
June 13, 2011 04:17
1 minute read.
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newspapers_521. (photo credit: Reuters)

 
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Former Russian oil tycoon Leonid Nevzlin, convicted in absentia of murder in Russia in what he termed a show trial, has bought a 20 percent stake in Israel’s Haaretz newspaper, the left-wing daily said on Sunday.

According to a report in Haaretz, the acquisition was worth NIS 700 million.

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Publisher and majority owner Amos Schocken said in a statement that the new investment follows year-long talks, and added: “All the funds will go into the company, and Nevzlin will join the firm’s board of directors. After the investment, the Schocken family will hold a 60% stake and the publishing company DuMont Schauberg of Cologne, Germany, will hold 20%.”

Nevzlin said, “I am happy to join Haaretz. I am convinced that together with the newspaper’s board of directors, we will continue to march forward, with additional investment in the core of the newspaper and also in the digital platform, all for the benefit of the readers and advertisers.”

Nevzlin immigrated in 2003 to Israel, which has turned down a Russian request to extradite him and questioned the validity of evidence against him.

He was once a major shareholder in the now-defunct Yukos business empire and a close adviser to its chief, Mikhail Khodorkovsky, who was jailed in 2003 for 13 years after falling foul of the Kremlin under then- President Vladimir Putin.

Nevzlin currently serves as chairman of the board of trustees at Beit Hatfutsot, the Museum of the Jewish Diaspora.



Reuters contributed to this report.

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