Yossi Maiman, the majority shareholder in Channel 10, announced on Monday that he would stop funding the television channel as of the beginning of August.
Speaking at a media conference arranged by the daily newspaper Globes, Maiman said that the decision was shared by partners Arnon Milchan, Ron Lauder and Rupert Murdoch.
"My shoulders are just not broad enough," Maiman said.
Following the announcement, Channel 10 CEO Yossi Varshavsky convened an emergency meeting, in which he warned of the dangers of having only one Israeli commercial television channel on the air. He also called on the finance and communication ministers to "get into a room and not leave till a solution is found" and funding for the channel allocated.