Russian immigrant billionaire buys 20% of "Haaretz"

Oil tycoon Leonid Nevzlin has acquired shares in the newspaper at a company value of NIS 700 million.

Billionaire Leonid Nevzlin has bought a 20% stake of the "Haaretz" newspaper. According to a report by "Haaretz" this morning, the acquisition was made at a company value of NIS 700 million. Nevzlin, an Israeli oil tycoon of Russian origin, is wanted in Russia where was found guilty of conspiracy to murder and convicted in absentia in 2008. Nevzlin currently serves as chairman of the board of trustees at Beit Hatfutsot, the Museum of the Jewish Diaspora.

According to "Haaretz," "All the funds will go into the company, and Nevzlin will join the firm's board of directors. After the investment, the Schocken family will hold a 60% stake and the publishing company DuMont Schauberg of Cologne, Germany, will hold 20%." Amos Schocken said in an announcement by the newspaper, that the new investment follows year-long talks. It is quite possible that Nochi Dankner's acquisition of "Ma'ariv" and the increasing threat to the newspaper accelerated the business deal.

Nevzlin is considered an opponent of the current Russian government. He was one of the founders of the Russian oil company Yukos and is an activist on Jewish topics. Nevzlin also served for a period in the Russian Federation Council.

Five years ago, German publisher DuMont Schauberg became a shareholder. Nevzlin said, "I am happy to join "Haaretz." I am convinced that together with the newspaper's board of directors; we will continue to march forward, with additional investment in the core of the newspaper and also in the digital platform, all for the benefit of the readers and advertisers."

Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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