At the end of last week Yossi Maiman, chairman and senior partner in Israel 10, returned to Israel and met with Channel 10 CEO Johanna Prenner and with shareholders.
Maiman wanted to brainstorm new ideas for saving the recently launched channel, in which Maiman has a 40%.
Sources close to the company last week estimated that not all shareholders want to go on investing in the channel. The sources estimate that real-estate tycoon Alfred Akirov, who owns 20% in Israel 10, doesn't want to inject any more money in the channel after investing some $3 million.
The sources said that Akirov had harsh words and severely criticized Maiman for being abroad over the last week. Sources familiar with the subject estimated that Akirov wants Maiman or other partners to acquire his stake.
Last week Maiman told associates that at present he continues to support the channel, and that he would be willing to inject additional money. It is estimated that Maiman will have to locate new partners who will acquire the stakes of those partners who won't want to increase their investments.
According to the franchise Maiman cannot increase his interest over 40%.
Israel 10 is burning $8 million to $10 million a month, TheMarker has learned. The high burn rate compared with previous forecasts, is due to the low rating from which Channel 10 has suffered since its launch.
Sources familiar with the subject estimate that in coming days the shareholders will have to take some tough decisions, possibly stopping broadcasts for several weeks of reorganization. Another possible decision may involve replacing senior executives. Prenner is presently not a candidate for replacement, but Israel 10 has in recent days been discussing the possibility of replacing other executives.