Ehud Angel buys 20% of Reshet

Businessman Ehud Angel has bought 20 percent of Channel 2 producer Reshet, The Ofer Brothers Group said Thursday. Angel, who is a partner in the Group's shipping unit and serves as its chairman, bought 6% from Polar Communications for $1.8 million, and the remaining 14% share from Aviv Giladi. The deal, which valued Reshet at $30m., was expected to result in a capital gain of NIS 5.8m. for Polar. The agreement requires approval from the Second Broadcasting Authority and other regulators. "We welcome the opportunity to return to the world of media communications," Angel said. "In 2001, we were part of a group that bid in a News Channel tender." Reshet won the franchising rights for three days of programming on Channel 2 for the next 10 years, and started broadcasting in November in partnership with co-franchisee Keshet. The combined profits from the channel for the 10-year period are estimated at NIS 6.8 billion. Upon completion, Angel will be appointed a director of Reshet.