Reshet 13 Completes Deal, Cutting Warner Bros. Discovery’s Stake
Reshet 13, the Israeli broadcast giant, has completed a management buyout deal with Len Blavatnik’s Access Industries and Warner Bros. Discovery.
The transaction, first unveiled in March 2025, has a group of investors, led by Reshet 13 CEO Emiliano Calemzuk, taking control of the Israeli broadcaster with a 74 percent stake. And Access Industries and Warners in turn have cut their stake to 26 percent.
The deal completes an ownership change at the Hebrew-language Israeli TV network operated by Reshet Media and known for series like Netflix’s Blackspace and the Oz’s List, and The Journey of Oz Davidian documentary about the Oct. 7, 2023 terrorist attack on Israel. Access Industries and WBD have also reduced their holding after years financing the operations at Reshet 13, where employees will now be able to participate in a future stock option plan.
“We are proud to have supported Reshet 13 because it is a vital national asset for the state of Israel and strengthens its thriving democracy. This transition to employee and management-led ownership is a natural next step, positioning Reshet 13 for long-term growth and achievement,” Access Industries and WBD said in a joint statement.
In 2021, then Discovery Communications took a 21 percent stake in Reshet 13, with Access Industries holding a 52 percent stake, alongside Israeli minority shareholders. More recently, Blavatnik agreed to transfer his majority shareholding to management and their new investors to keep Reshet in operation as it looks to restructure and secure new growth capital.
CEO Emiliano Calemzuk added: “Reshet 13 requires strong partners to bring the network to its next phase. The extraordinary commitment shown by Len Blavatnik, Access Industries, and WBD in safeguarding the channel’s continuity will now be matched by new investors to ensure Reshet’s future as a platform for free expression and diverse perspectives across Israeli society.”
Calemzuk is backed by a consortium of Israeli and international investors drawn mainly from the media, entertainment and technology sectors. Reshet 13 is looking return to profitability in 2026.
The ownership change transaction still requires the approval of Israeli’s Second Authority for Television and Radio, which regulates commercial broadcasters.
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