Access Industries and WBD sell stake in Reshet 13

Access Industries and Warner Bros. Discovery (WBD) plan to sell a controlling stake in Reshet 13, an Israeli television network. A management group led by CEO Emiliano Calemzuk will acquire a 74 percent stake in the company. Access and WBD will keep a 26 percent interest as part of this deal. The management buyout is still in the early stages. Reshet 13 is known for popular shows, including a documentary about the October 7, 2023 terrorist attack in Israel. A spokesperson for Access stated that they support the management team's efforts to succeed and aim to maintain jobs at the channel. Access Industries has invested heavily in Reshet 13 over the past several years. They originally held a larger stake but are now transitioning control to the management team and new investors. Access has also provided additional funding to help stabilize the company during this transition. Calemzuk's management group includes investors from both Israel and other countries, primarily from media and technology. The transaction will also allow employees to own part of the company through a stock options plan set to be introduced later this year. Reshet 13 aims to return to profitability by 2026.