Access Industries and Warner Bros. Discovery have announced a management buyout deal to reduce their ownership in Reshet 13, a prominent Israeli broadcasting company, to 26 percent.
In this transaction led by CEO Emiliano Calemzuk, a management group will acquire a 74 percent stake in Reshet 13, leaving Access Industries and WBD with the remaining 26 percent. Reshet 13 is well-known for producing popular series like Netflix’s Blackspace and the Oz’s List, The Journey of Oz Davidian.
The decision to transfer majority ownership to the management team and new investors is supported by Access Industries, emphasizing the importance of maintaining employment at Reshet 13 and supporting democratic media in Israel. Access Industries, a company with interests in music, media, and telecommunications, first invested in Reshet 13 six years ago.
Previously, Discovery Communications held a 21 percent stake in Reshet 13, with Access Industries owning 52 percent, alongside Israeli minority shareholders. Blavatnik has invested significant funds into Reshet over the years and is now entrusting the management team to lead the network towards restructuring and securing new growth opportunities.
CEO Calemzuk is backed by a group of Israeli and international investors from the media, entertainment, and technology sectors. The proposed ownership change also includes plans for employees to participate in the company’s ownership through a stock options program set to launch later this year, with the goal of Reshet 13 returning to profitability by 2026.
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