Ron Lauder Yosef Maiman
The crisis at Channel 10 was resolved last night. As first reported by “Globes”, Ron Lauder will transfer his 30% stake to Yosef (Yossi) Maiman ( Of the Merhav Group of Companies) and will inject $10 million to ensure the channel’s continued existence. This will go towards payment of salaries and preparation of the broadcasting schedule for most of 2014. It is, however, a negligible amount in comparison with what the channel requires in order to stay in existence as it is until 2015.
The channel is now preparing to submit a license application within the next few days. It is obliged to submit an application by the end of this month, otherwise its existence will be in jeopardy. At least three expensive reality shows are currently being produced, which are meant to be the anchor for the channel next year. It is believed that the channel will be compelled to cut costs, though it is not yet clear how.
What is clear is that the only real way to maintain Channel 10 in existence is through an injection of cash from new investors. It now has two shareholders who have not supported it economically in the past year or more. Arnon Milchan has not injected cash into the channel for five years.
If the license application is accepted, the license will be awarded to the channel in 2015. The channel will still have to demonstrate financial soundness over the course of next year, which will a trial year for receiving a license.
The expectation is that Maiman will now work on bringing in new investors (after several attempts were made in the past few weeks), otherwise the channel will remain at risk.
Published by www.globes-online.com