Dankner set to acquire control of Ma’ariv

Discount Investment said it had been approached by the main shareholders in Ma’ariv, which publishes the Hebrew daily of the same name.

By NADAV SHEMER
March 23, 2011 23:57
1 minute read.
Egyptian shop owners read newspapers in Cairo.

egypt newspaper_58 reuters. (photo credit: Peter Andrews / Reuters)

 
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Nochi Dankner will obtain a controlling share in media company Ma’ariv Holdings Ltd., after Discount Investment Corporation, a holding company under the businessman’s IDB Holding Corp. Ltd, announced Wednesday it is close to completing a deal to acquire more than 50 percent of Ma’ariv for about NIS 140 million.

Discount Investment said it had been approached by the main shareholders in Ma’ariv, which publishes the Hebrew daily of the same name. Discount Investment will inject NIS 120m. into Ma’ariv, one-sixth of it immediately, and will acquire part of chairman Zaki Rakib’s stake in the company.

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For Dankner, who is estimated to be worth about $1 billion, this will be the first time he has owned a holding in a media company. Ofer Nimrodi will remain as Ma’ariv Holdings’s other main shareholder, through his Israel Land Development Company.

Nimrodi was quoted as saying by Globes that Dankner’s decision to invest in Ma’ariv was an important decision without precedent.

“The investment by Discount Investment Corporation will change the Israeli media map in a most positive and meaningful manner,” he said. “Nochi will save freedom of expression, which would have lost an important voice had Ma’ariv, heaven forbid, gone into a downward spiral, and as such he will enable the continuation of the public discourse, which is balanced and free of party lines and political agendas.”

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