Channel 10 franchisees Israel 10 and Eden Broadcasting announced their merger Friday afternoon. The signing concludes protracted and exhausting negotiations that sometimes seemed to be on the verge of collapse.
The two consortia announced to the press that the agreement “will put an end to a long chapter of uncertainty about Israel 10’s future, and allow the merged consortium to provide fully weekly broadcasts.”
Under the agreement, Eden Broadcasting will become a fully owned subsidiary of Israel 10. 55% of the shares will be distributed among Israel 10 shareholders, and 45% will be retained by Eden Broadcasting shareholders. Israel 10 chairman Joseph Maiman will have the controlling interest in the merged company.
Negotiations are about to be concluded with Noga Communications CEO Mody Friedman for his appointment as Israel 10 CEO, replacing joint CEOs Joanna Prenner and Ronni Algranti.
Maiman said, “The conclusion of the negotiations with Eden Broadcasting and the expected strengthening of the management team in the near future will allow Channel 10 to focus on developing its business plan and its relaunch. We are committed to bringing the Israeli public a worthy station within months. This will serve the opening of the commercial television market to competition.”
Published by Globes [online] - www.globes.co.il - on June 9, 2002