Channel 2 franchisee Keshet Broadcasting Ltd. has completed its acquisition of a 45% stake in Channel 24, the designate cable and satellite music channel. Meimad TV Studios Ltd. (MTVS) will continue to own the other 55%
Sources inform ''Globes'' that Channel 24 CEO Dan Tadmor, who has held the post for the past year, will leave the station to stay at MTVS. The sources added that Keshet VP marketing Zvika Lieblich will take over as acting CEO of the station.
As things appear at the moment, Keshet plans to significantly increase its investment in Channel 24's content and production, as well as in marketing, which may explain Lieblich's appointment. Keshet also intends to lower Channel 24's overhead and headquarters' activity by synergetically transferring them to Keshet. Preparations for new investment in Channel 24 will begin shortly.
Channel 24 has suffered heavy losses since it was founded several years ago, reportedly amounting to NIS 50 million. Keshet's acquisition of a stake in the company is aimed to staunch these losses.
MTVS is owned by chairman Eyal Kan and Zeev Mozes.
Published by Globes [online], Israel business news - www.globes-online.com - on January 5, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009