The Ticker: i24News Valued at $113 Million in Altice Media Holdings Shake-up

Tel Aviv shares follow Europe lower.

Daniel Bar-On

i24News valued at $113 million in Altice media holdings shake-up

French telecom tycoon Patrick Drahi has placed a 100 million-euro ($112.8 million) valuation on his i24News television broadcaster as part of a plan to move all the media operations of his Altice group into its SFR telecoms subsidiary, the French newspaper Journal du Dimanche reported. Under the reorganization, to be announced April 27, SFR will buy Altice Media group, which owns the French newspapers Libération and L’Express, i24news and a 49% stake in NextRadioTV, which operates channels BFM TV, RMC Découverte and BFM Business. According to JDD, SFR would the first company in France to own both telecoms and media properties. i24News was launched at the end of 2013, offering broadcasts in English, Arabic and French with a declared pro-Israel stance to counter the impact of the Qatari Al-Jazeera all-news channel. As a closely held company i24news doesn’t release its financial results, but sources estimate Drahi subsidizes it to the tune of 25 million euros a year. (Amitai Ziv)

Tel Aviv shares follow Europe lower

Tel Aviv shares followed Europe stock markets lower on Monday in a holiday-shortened trading session. The benchmark TA-25 index finished 0.8% lower at 1,484.28, while the TA-100 lost 0.7% to 1,285.29, on thin turnover of 515 million shekels ($136.9 million). Bezeq led blue chip shares lower, shedding 2.3% to 8.10 shekels. Israel Chemicals ended down 1.9% at 18.40 and Bank Leumi lost 1.4% to 14 shekels, but volume leader Teva Pharmaceuticals advanced 1.35% to 217.10 and Migdal Insurance extended its rally another day, adding 2.3% to 2.85 shekels. On a sectoral basis, energy shares paced declines, with Delek Drilling and Avner both down 2.3% to 11.38 and 2.14 shekels respectively, as world oil prices fell more than 1% on reports of a supply buildup. Bond prices were higher, with the government’s Galil due in October 2025 rising 0.24% to lower its yield to 0.18%. (Omri Zerachovitz)