Tel Aviv District Court Judge Varda Alshech today approved the sale of Hebrew daily "Ma'ariv" to "Makor Rishon" publisher Shlomo Ben-Tzvi and the sale of Ma'ariv Holdings Ltd's (TASE: MARV-M) printing house to real estate developer Amos Maimon, for total of NIS 145 million.
The approval was subject to the approval of a historic labor contract signed last night between Ben-Tzvi and "Ma'ariv's" workers committee, after lengthy talks. Ben-Tzvi promised the workers to hire more "Ma'ariv" employees.
Ma'ariv Holdings trustee Adv. Shlomo Nass told the court at the start of the hearing, "One of the main considerations in the negotiations was the employment of employees, and not just the proceeds. As a result, from 300 jobs to be employed by the newspaper, 1,420 employees will definitely have jobs."
Published by Globes [online], Israel business news - www.globes-online.com - on October 23, 2012
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