German publisher acquires stake in Haaretz

A German media entrepreneur Alfred Neven DuMont has bought 25% of the Israeli publishing group Haaretz. DuMont's Cologne-based company, DuMont Schauberg, paid €25m (£16.8m) for Israel's third-largest daily and its string of local weeklies. The deal is regarded as a groundbreaking example of the growing relationship between German and Israeli business. Haaretz, which has been wholly owned by the Schocken family for 71 years, needed to raise capital to finance new investment opportunities. According to Haaretz's own report of the deal, it was made in full recognition of the painful past of the Jewish people in Germany. DuMont has longstanding personal ties to Israel as a regular visitor and a supporter of Tel Aviv university. (Via Deutsche Welle)