Yafit Greenberg
Channel 10's dominant shareholder Ronald Lauder plans to
sell his stake in the station to ad mogul Yafit Greenberg. The proposed sale of
Lauder's 30% stake in the station was announced Sunday.
Better known as G.Yafit, Greenberg is ubiquitous on the
Israeli airwaves, serving as a pitchwoman for various products.
The agreement over the sale of Lauder's share of Channel 10,
which would be subject to regulatory approval, including possible scrutiny over
potential conflicts of interest due to Greenberg's media ties, was in the
process of being sealed in New York.
Lauder, who is the heir to the Estée Lauder cosmetics empire
and the president of the World Jewish Congress, has invested more than NIS 500
million in Channel 10 in recent years, but had expressed dissatisfaction in
recent months over the station's loss-making performance and stated that he
wished to curb his financial involvement in the station.
Channel 10 has failed to provide stiff ratings competition
to its larger commercial rival, Channel 2. If the sale of Lauder's stake goes
through, it will apparently also break a deadlock over a request to extend
Channel 10's license beyond next year. Such a request requires the support of
51% of the station's shareholders but the request requires that the 51% be
Israeli citizens. Lauder, who is American, does not qualify.
The extension has been stymied by another investor in the
station, Israeli-American Hollywood producer Arnon Milchan. He had withheld his
support for the license extension and claimed that Lauder had reneged on a
purported agreement to cover any of Milchan's losses on his investment.
Lauder's associates deny that such an agreement was made, but if Lauder is
replaced by Greenberg, who is Israeli, she could pave the way for a request to
extend the license beyond next year even if Milchan continues to withhold his
support for the move.
Greenberg owns G. Yafit Communications and is also part owner
of the G Group of companies, which is involved in electronic commerce. She said
that in addition to her own investment in Channel 10, she expects to interest
other investors in the station to put it on a firmer business footing. In a
statement, she said that the television industry has been good to her over the
years. "I want to be good in return," she said, adding that she will
do whatever she can to head off the closure of the financially troubled
commercial station.
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