Milchan and Shiloah spar over Channel 10

Ilan Shiloah and Arnon Milchan

Shiloah accepted Milchan's proffered partnership, after rejecting it yesterday.

Today, one day after Arnon Milchan proposed a partnership in Channel 10 with Ilan Shiloah, who rejected the offer, Shiloah notified Milchan that he would accept the offer if Milchan deposits the channel's NIS 50 million in guarantees and debts to the Second Authority for Television and Radio today, following which he will consider becoming a full partner in the channel.

Milchan's spokesman said in response, "First we were astonished by the refusal. Then we were astonished by the zig-zag, especially after Milchan notified the board of directors that Shiloah had refused. In effect, this is a refusal in disguise. Milchan proposed that Shiloah join him, not the other way around. Any condition of the type cited by Shiloah is designed to torpedo the proposal."

Sources inform "Globes" that as of yesterday, Milchan had not yet signed the agreement adding Shiloah as a controlling shareholder in the channel. Now, in what appears as a method of bypassing Yossi Maiman, he is proposing that Shiloah join him in a group for the purpose of taking over the channel.

Milchan has not injected money into Channel 10 for over five years, and has more than once asked to leave it in exchange for compensation from the other shareholders. He recently expressed renewed interest in the channel, and yesterday officially proposed joining forces with Shiloah.

Milchan, who made his fortune in the movie business in Hollywood, is considered a confidant of Prime Minister and Minister of Communications Benjamin Netanyahu.

Published by Globes [online], Israel business news - www.globes-online.com - on May 21, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

Ilan Shiloah and Arnon Milchan
Ilan Shiloah and Arnon Milchan
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