Aides of "Makor Rishon" publisher Shlomo Ben-Tzvi, who signed the agreement to acquire Hebrew daily "Ma'ariv" on Thursday, are angry today about protests by the newspaper's employees and their plans to call a strike later this week.
A top source at Hirsh Media Group Ltd. told "Globes" that this activity, even if it is protest against the "Ma'ariv's" past, hurts its future. He did not rule out that if the newspaper's employees continue to harm the brand, Ben-Tzvi might cancel the deal.
The source also said that many "Ma'ariv" employees oppose the protest measures, which are being led by a gang. There is a feeling at "Makor Rishon", which has a right wing-religious orientation, that a radical gang of leftist activists are trying to drag "Ma'ariv's" employees into protesting against Ben-Tzvi out of purely ideological motives.
Ben-Tzvi's aides refused to say this explicitly, but a source at Hirsh Media said that the reason for opposition to the sale of "Ma'ariv" to Ben-Tzvi was unclear, as he intends to save the newspaper, and had even agreed to hire many of its employees. The source added that many "Ma'ariv" journalists had called to express their concern about the conduct and their fears for the newspaper's future.
While Hirsh Media is waiting for the court's decision on the motion for a stay of proceedings filed by Ma'ariv Holdings Ltd. (TASE: MARV-M), sources at Hirsh Media insist that the acquisition of the newspaper is worthwhile, given that its liabilities, which are severely affecting its financial condition, such as the printing house and distribution network, are not part of the deal.
The sources add that the inflexible manpower costs, which will be reduced, and the fact that "Ma'ariv" employees will be hired as new employees, improve the worthwhileness of the deal. As soon as it is closed, Hirsh Media personnel will go over every "Ma'ariv" supplement and decide which are necessary for the success of the newspaper.
Published by Globes [online], Israel business news - www.globes-online.com - on September 23, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012