Haaretz: The holding makes no strategic contribution to the company.
Haaretz Group has put up its stake in Internet portal Walla Communications Ltd. (TASE: WALA) for sale. Haaretz has hired TASC to handle the sale. Haaretz Group owns, among other things, daily newspaper "Haaretz".
Haaretz said that it was selling the stake because of the company's new strategy, which declared that the Walla! holding had no strategic contribution to the media company, such as supporting Haaretz websites or collaborating with them.
Media sources believe that Haaretz wants to increase its cash reserves, given the company's heavy bank debt. Haaretz was not available for comment by web-posting.
Sources inform ''Globes'' that Bezeq The Israeli Telecommunication Co. Ltd. (TASE: BEZQ), which owns a third of Walla! may buy Haaretz's stake in the company. Bezeq declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on February 12, 2009
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