Israeli television network Reshet has announced that it is canceling its planned merger with fellow network Channel Ten, saying that foot-dragging by the country’s broadcasting authority, whose final approval is required, had put it in an untenable position.
“The broadcast authority’s avoidance of a decision on the merger request has led to its cancellation,” Reshet said in a surprise statement Monday. “Despite the deal signed between Reshet and Channel Ten, and despite the understanding that a merger between the two channels is the best solution for the Israeli television market, the Reshet shareholders were forced to announce today the cancellation of the merger.”
Reshet said that its board would meet in the coming days to formally cancel the merger and that it would revert to its full programming schedule, undoing the preliminary work it had undertaken to integrate Channel Ten. The network said it could not continue indefinitely...
“The broadcast authority’s avoidance of a decision on the merger request has led to its cancellation,” Reshet said in a surprise statement Monday. “Despite the deal signed between Reshet and Channel Ten, and despite the understanding that a merger between the two channels is the best solution for the Israeli television market, the Reshet shareholders were forced to announce today the cancellation of the merger.”
Reshet said that its board would meet in the coming days to formally cancel the merger and that it would revert to its full programming schedule, undoing the preliminary work it had undertaken to integrate Channel Ten. The network said it could not continue indefinitely...
- 10/15/2018
- by Amy Spiro
- Variety Film + TV
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