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Jerusalem Post buys 49% of Jerusalem Report

HDN | 4/7/1998 12:00:00 AM |

Jerusalem- Reuters Israel's Jerusalem Post daily newspaper has announced that it would buy 49 percent of the Jerusalem Report magazine for an undisclosed sum. As a result, the two English-language publications will merge their administrative, advertising and circulation divisions, while remaining independent editorially, the Jerusalem Post said in a statement. The Jerusalem Report was established by former Jerusalem Post reporters and bankrolled primarily by Canadian businessman Charles Bronfman,

Jerusalem- Reuters

Israel's Jerusalem Post daily newspaper has announced that it would buy 49 percent of the Jerusalem Report magazine for an undisclosed sum.

As a result, the two English-language publications will merge their administrative, advertising and circulation divisions, while remaining independent editorially, the Jerusalem Post said in a statement.

The Jerusalem Report was established by former Jerusalem Post reporters and bankrolled primarily by Canadian businessman Charles Bronfman, chairman of the Seagram Company.

Published twice a month, it has suffered steady losses since it started publishing in 1990.

The Post, which is owned by Hollinger International, will have representation on the Report's board of directors and plans to include Report representation on its board.

Norman Spector, president and publisher of the Post, will become CEO of the Jerusalem Report. Hirsh Goodman, who left the Post and founded the Report, will be appointed executive vice-president of the Post.

The agreement will take effect May 1.

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