News Brief 12/3/2012, Kislev 19, 5773
Ronald Lauder Agrees to Bail Out Israel's Channel 10
American billionaire Ronald Lauder has agreed to bail out the financially troubled Israeli television station Channel 10.
Under the agreement signed with the State of Israel, the channel’s franchise will be extended for three years and Lauder, the station's majority shareholder, will invest a further NIS 80 million, $21 million, over that time, the Israeli business daily Globes reported.
"I decided to come to Israel at the beginning of September to make a decision," Lauder said at a news conference in Tel Aviv. “My decision then rested on the position that if there were no change I would close at the end of September."