Billionaire philanthropist Sir Leonard Blavatnik is stepping back from full control of Channel 13, while continuing to provide financial support and backing for the network. The majority stake in the channel will be transferred to CEO Emiliano Calemzuk and additional investors, marking a significant shift in Israel’s media landscape.
Blavatnik, a dual US-UK citizen, has been a key figure in Israeli media, investing over NIS 100 million into Channel 13 over the years. In a letter to employees, Calemzuk expressed gratitude for Blavatnik’s continued involvement.
"We owe him a great deal for his support and for continuing to believe in us as a shareholder," Calemzuk wrote.
A strategic transition in ownership
Under the new structure, Calemzuk and the company’s management will hold a 74% controlling stake in Channel 13, while Blavatnik and Warner Bros. Discovery (WBD) will retain a 26% share.
Blavatnik is not fully divesting from the channel, choosing instead to continue investing several million dollars in the coming months to ensure the financial stability of the network and support employee salaries. His decision to remain involved, despite stepping back from control, underscores his long-standing commitment to Israeli media.
According to the statement, employees will be offered stock options in the company, a plan that will be announced and implemented later in 2025.
Blavatnik’s enduring support for Israeli journalism
Blavatnik’s decision to reduce his ownership comes after six years of effort to sustain the channel through global challenges, including the COVID-19 pandemic and the ongoing war in Gaza.
"Blavatnik has long viewed Channel 13 as a vital asset within Israel’s media ecosystem, playing a crucial role in public discourse and democracy," the statement said.
Unlike many media investors who exit entirely when stepping away, Blavatnik has chosen to remain engaged—a move the company described as “a quiet but powerful form of national service.”
During his tenure, Blavatnik helped guide Channel 13 toward financial stability, investing in content and strengthening production capabilities despite an increasingly volatile media landscape.
His support, even after reducing his stake, highlights his dedication to press freedom and independent journalism in Israel.
As the transition moves forward, Channel 13’s new leadership will focus on innovation and growth, while maintaining the journalistic standards and editorial independence that have defined the network under Blavatnik’s stewardship.