IDB Sells Maariv For NIS 85 Million

The Maariv company informed the Tel Aviv Stock Exchange on Friday that the daily newspaper, owned by businessman Nochi Dankner’s IDB Group, will be sold to Shlomo Ben-Zvi, publisher of national religious newspaper Makor Rishon, for NIS 85 million (about $21 million).

The purchase agreement does not include Maariv’s printing house.

Ben-Zvi is acquiring the company’s assets, including the Maariv daily, the NRG website, the local newspaper network, magazines, the Maariv publishing house, intellectual property rights, and the newspaper’s clients and subscribers.

The sold assets do not include the newspaper’s printing house in Bat Yam and its facilities. The Maariv company plans to continue operating the printing house at this stage.

Maariv said in its statement to the Stock Exchange that Ben-Zvi planned to continue the newspaper’s activity after the deal’s completion.

According to the statement, Ben-Zvi plans to offer 300-400 of the newspaper’s employees to join the Makor Rishon Group.

The parties plan to complete the deal by early October 2012. The deal is subject to signing a purchase agreement and receiving all certificates of approval required by law.

Ynetnews