Judy Shalom Plans to Sell 2.5% in Yedioth to Brother

Judy Shalom Nir Mozes seeks to sell 2.5 percent in Yedioth Ahronoth, half of her holdings, to her brother, Arnon Mozes, who is the controlling shareholder.

Yoram Gavison
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Yoram Gavison

Judy Shalom Nir Mozes seeks to sell 2.5 percent in Yedioth Ahronoth, half of her holdings, to her brother, Arnon Mozes, who is the controlling shareholder. The value of the shares held by Shalom Nir Mozes is estimated at $30-34 million.

Yedioth Ahronoth controls the largest daily paper in Israel (which has the same name) and local newspapers, as well as a stake in Golden Channels cable TV; Reshet, one of the three Channel Two licensees; and various real estate assets.

Negotiations between Shalom Nir Mozes and her brother come in the wake of a sale of 4.2 percent in the company by Eliezer Fishman for a reported $20-25 million. Fishman sold two types of shares to a fully-owned subsidiary of Yedioth Ahronoth: stocks that entitle the holder to dividend distribution and to vote at shareholders' meetings, which were sold at a price reflecting a valuation of $500 million for the company; and preferred stock that only entitles the holder to dividends, at a price reflecting a valuation of $650-750 million for the company. The stock sold in this deal was sold at a 15 to 25 percent discount on the price at which Fishman acquired his holding from the Mozes family between 1997 and 1999.

Yedioth Ahronoth is held by Arnon Mozes (who controls 30 percent of the share capital and 51 percent of the voting rights), Eliezer Fishman (37 percent of the share capital), Miriam Nofech Mozes (15 percent of the share capital) and Dov Yudkovsky (13 percent of the share capital).

According to estimates, Yedioth finished 2002 with a positive cash flow of NIS 200 million. However, it also had a net loss caused by its holding in Golden Channels, which posted a loss of NIS 344 million in 2002, compared to a loss of NIS 372 million the year before.

Shalom Nir Mozes' attorney, Zeev Scharf, refused to comment.

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