Tech Entrepreneurs Acquire Control of Israel Entertainment Group Valued at 80 Million Shekels

A group of tech entrepreneurs led by Wiz founder Assaf Rappaport has acquired a controlling stake in the online media company Israel Entertainment, valuing the firm at 80 million shekels. This valuation exceeds the one agreed upon for the acquisition of Network 13 by the same group about three months ago. Israel Entertainment operates popular Instagram and TikTok channels with over 4 million followers, making it the largest independent digital media group in Israel, entirely self-funded.

The acquisition was made through the Merit Fund, which also facilitated the Network 13 deal, though there are no plans to merge the two entities. Founders and owners David and Shlomo Saar will continue to lead Israel Entertainment as an independent company. Merit purchased 60% of Israel Entertainment for 48 million shekels, with an option to acquire an additional 25%.

Israel Entertainment's portfolio includes Instagram and TikTok channels such as Israel Entertainment, Israel Music, Israel Sports, Israel Business, Israel Office, Israel Shorts, and Israel Cooking. The flagship Instagram page has 1.7 million followers, averaging about half a million story views, 1.5 million reel views, and 90,000 likes per post. Its TikTok channel has 1.1 million followers, with an average of half a million views per video and 146 million likes overall.

Merit Fund expressed strong confidence in the digital media sector's potential and praised the Saar brothers for their entrepreneurial success in building a platform reaching millions daily. The Saar brothers emphasized that their goal was never to sell but to create the best digital media company in Israel. They view the partnership with Merit as a means to scale their vision and thanked their team and audience for their support, looking forward to new beginnings.