Len Blavatnik’s Access announced officially this morning that the offer to buy IsraeIi television channel Reshet 13 by Patrick Drahi, owner of Hot and i24 News, is the one that Blavatnik has chosen. Drahi’s people submitted an offer to Blavatnik for 15% of the shares, because of the legal restrictions on media cross-ownership, ultimately rising to 75% of Reshet 13. The value of the deal is estimated at $40-50 million for the majority stake. The channel will be headed by Emiliano Calemzuk, the current CEO who was appointed by Blavatnik.
“We are delighted to bring new investors into our shareholder structure and to collaborate with the Drahi family in advancing the vision of Reshet 13 and its long-term positioning,” the notification to Access shareholders states. The reference to the Drahi family implies that the deal is not with Patrick Drahi’s holding company Altice, which is coping with severe financial difficulties.
The announcement further states: “Mr. Drahi is a far-sighted Israeli entrepreneur with a 35-year track record in communications, media, advertising, art, and prestigious businesses around the world. This investment puts Reshet 13 in a strong position for expanding its activity and continuing creation for its viewers.”
Global troubles
In addition to Drahi’s offer, a competing bid was made for Reshet 13 by a group of high-tech entrepreneurs led by Assaf Rappaport. Sources inform “Globes” that this group proposed a two-stage deal to Blavatnik: the purchase of 74% of the shares, and a commitment to investing $100 million over the next three years to stabilize the channel operationally, invest in content, strengthen the news company, and repay debts.
Drahi’s problems are on a global scale. According to reports around the world, Altice shareholders have signaled dissatisfaction with the way the company is being run and with the financial difficulties besetting it. According to these reports, Drahi’s Altice empire is dealing with debt of over €60 billion, and Altice USA alone has debt amounting to $25 billion. It is also reported that Drahi is trying to reach settlements with his creditors in which they will forego part of the debt in return for equity, and has exerted various forms of pressure and stripped companies of assets so that his creditors will not be able to receive payment of the debt.
If the deal with Blavatnik on Reshet 13 goes ahead, many in the market fear mass layoffs as a result of possible consolidation of Reshet 13 and i24 News. Only recently, Drahi transferred the i24 News activity from Altice to the Drahi family, which led to voluntary retirements and further layoffs in an attempt to stabilize the company, which recruited talents at higher than average salaries. About 90 employees left.
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The deal with Blavatnik raises a regulatory problem because of the Second Broadcasting Authority Law, which prohibits cross-ownership in the Israeli media market, in order to prevent over-concentration in broadcasting and to ensure that there will not be one player controlling several main platforms. Drahi himself is limited to buying 15% of Reshet 13. If another Hot shareholder joins the deal, it will be possible to reach a holding of 24%. The collaboration with Calemzuk means that it will be possible to find a way of circumventing the legal restriction.
The Union of Journalists in Israel has appealed in writing to the attorney general and the competition commissioner to stop the deal. It claims in its letter that there is a fear of an illegal merger, as a merger is taking place in practice before approval has been granted by the Competition Authority, and that the deal harms competition and freedom of the press, and harms the workers because of the layoffs.
The Second Broadcasting Authority stated in response to the report: “Any transfer of shares by a broadcasting license holder necessitates approval by the Authority, and this transaction too will be examined accordingly.”
Published by Globes, Israel business news – en.globes.co.il – on February 8, 2026.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2026.
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