The Hirsch Media Group, made up of investors from the US and Europe and controlled by Shlomo Ben Zvi, said this week it is set to launch a new daily Hebrew newspaper Israeli News on January 3. The project will cost between $35 and $40 million to run in the first three years of operation. The paper, which will be based on the format of the US publication Metro, will be distributed free of charge to lunch time passengers on the country's train lines. Sources close to the company said it plans on printing enough copies to make it the second most widely read paper in Israel. Shlomo Ben Zvi owns various media outlets in Israel, including religious cable TV channel Tchelet and weekly newspaper Mekor Rishon.