TEL AVIV (Jun. 29)
The Jerusalem Post, Israel’s English-language daily, became part of an international media empire Tuesday, when its sale to the Canadian-based Hollinger newspaper chain was finalized.
Hollinger Inc. paid over $17 million for a majority of Post shares, previously held by the Palestine Post Co., a subsidiary of the Israel Investors Corp.
IIC itself is a subsidiary of the financially troubled Koor Industries conglomerate, owned by Histadrut.
Koor is retrenching to manage its huge debt to Israeli and foreign banks.
Bank Hapoalim retains a minority interest in the newspaper.
Hollinger is headed by David Radler and Conrad Black.
Its holdings include The Daily Telegraph of London, The Spectator, a London weekly and more than 200 other publications, chiefly in North America.
According to Israel Radio, the agreement completing the sale contained a provision that the Post’s 270 employees would share a special onetime bonus of $200,000.
It was granted by the new owners to allay employees’ fears that the change of ownership would adversely affect their pensions and fringe benefits, Israel Radio said.