Israel's Channel 10 Agrees to Financial Rescue Deal, but Future Still Unclear

Owner Ron Lauder accepts terms that would defer the station's debt, agrees to invest millions of shekels in the TV station.

The owner of Israel's Channel 10 has agreed to government terms to keep it on the air, as the television station was facing crippling debts.

Executives from Channel 10, known for its aggressive investigative reporting, have charged that the government hindered the channel's rescue, hoping to eliminate a source of criticism. That was before Sunday's agreement.

David Vaaknin, a spokesman for the station, confirmed the accord was reached.

The station's chief shareholder, U.S.- billionaire Ron Lauder, accepted the terms that would defer Channel 10's debt, agreeing to invest millions of shekels in the station and post guarantees until its broadcasting license is renewed.

Lauder is the cosmetics empire heir and also president of the World Jewish Congress.

Channel 10's NIS 65 million debt is for state royalties and license fees that accumulated through 2006. The panel discovered an additional sum of about NIS 45 million that it says includes interest in royalty fees, license fees and other charges, which would bring the station's debt up to NIS 110 million.

The channel is not yet in the clear. The government must sign the deal and pass a law by Dec. 31 extending the station's franchise, and those are not certainties.

The newsroom at Channel 10.Credit: Tomer Appelbaum

Click the alert icon to follow topics:

Comments

SUBSCRIBERS JOIN THE CONVERSATION FASTER

Automatic approval of subscriber comments.

$1 for the first month

Already signed up? LOG IN

A family grieves outside the SSGT Willie de Leon Civic Center following the mass shooting at Robb Elementary School in Uvalde, Texas on Wednesday.

Israeli PM Offers Condolences After Texas Gunman Kills 21 at Elementary School

U.S. President Joe Biden, this week.

Biden Decides to Keep Iran's Revolutionary Guards on Terror List, Says Report

ADL CEO Jonathan Greenblatt.

Progressive Jews Urge ADL Chief to Apologize for Calling Out Democratic Activist

Democratic Sen. Bernie Sanders with Jessica Cisneros in San Antonio last week.

It’s AIPAC vs. Bernie Sanders in Too-close-to-call Texas Democratic Runoff

U.S. President Joe Biden. Making a historic pivot to Asia.

Biden Does What His Three Predecessors Talked About Yet Failed to Do

Meir Kahane addressing his followers during a demonstration in Jerusalem, in 1984.

Why the U.S. Removed Kahane Chai From Terrorist Blacklist