BREAKING NEWS

Dankner signs deal acquiring control of Ma’ariv

By LI-OR AVERBACH / GLOBES

MARCH 24, 2011 16:44

IDB Holding Corp. Ltd chairman Nochi Dankner and Ma'ariv Holdings Ltd. chairman Zaki Rakib on Thursday signed an agreement transferring control of the publisher of Hebrew daily Ma'ariv to IDB unit Discount Investment Corporation. Rakib is surrendering control of the company after only a few months.

The parties will now undertake a four-month review period, during which Rakib will stay on as Ma'ariv's controlling shareholder and will continue to inject capital into the newspaper. Dankner is due to inject NIS 20 million into Ma'ariv this week, out of his NIS 140 million commitment.

The recovery plan at the paper will continue over the coming months, and scores of correspondents and other employees will leave. By the end of March, the Ma'ariv weekday and weekend editions will be published in a new format.

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