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Daily Israel Report
12:09
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News Brief

  10/22/2012, Cheshvan 6, 5773

Trustees Propose Split Sale of Ma'ariv


Court-appointed trustees of the financially-troubled Ma'ariv daily submitted a proposal to the Tel Aviv District Court, Monday, under which the newspaper would be sold to Shlomo Ben-Tzvi and the printing house in Bat Yam, south of Tel Aviv, would be bought by a financing group headed by Amos Maimon. The arrangement is intended to maintain 1,400 jobs of the Ma'ariv group, including printing house and distribution positions.

The proposal was made possible by an agreement, reached late Sunday evening, between the two potential purchasers. In addition to Ma'ariv, Ben Tzvi will acquire affiliated local newspapers, magazines and the NRG Website, as well as other publishing aspects of the business. The cost of the deal, including paying off Ma'ariv Group debts, is expected to be about 145 million shekels. The proposal is reluctantly supported by the workers. Judge Varda Elsheikh is expected to issue a ruling on Tuesday.