Sir Leonard Blavatnik at the amfAR Cannes Gala 2023 at Hotel du Cap-Eden-Roc in Cap d'Antibes, France. Getty Images
Sir Leonard Blavatnik at the amfAR Cannes Gala 2023 at Hotel du Cap-Eden-Roc in Cap d'Antibes, France. Getty Images
Sir Leonard Blavatnik at the amfAR Cannes Gala 2023 at Hotel du Cap-Eden-Roc in Cap d'Antibes, France. Getty Images
Sir Leonard Blavatnik at the amfAR Cannes Gala 2023 at Hotel du Cap-Eden-Roc in Cap d'Antibes, France. Getty Images

Leonard Blavatnik's TV network 'axed show for Benjamin Netanyahu', protesters say


Gillian Duncan
  • English
  • Arabic

Britain’s second richest man is facing protests over claims his media company is undermining the freedom of the press in Israel.

Ukraine-born billionaire Sir Leonard Blavatnik, who was knighted in the UK for services to philanthropy, owns most of Warner Music Group, and has interests in several other businesses, including a majority stake in Channel 13 News in Israel.

The channel, often critical of Benjamin Netanyahu’s government and its war in Gaza, last week cancelled popular programme, War Zone, following a leadership shake-up last month that appointed a reported ally of the Prime Minister, Yulia Shamalov-Berkovich, as the next head of its news department.

The move has been criticised by journalists at the channel as “political meddling”, while liberal Israeli newspaper Haaretz describing it as “purely a political decision, contravening all financial and journalistic logic”.

Campaigners, who claim the show was axed for Mr Netanyahu, plan to protest on Sunday at the Tate Modern’s Blavatnik wing and the University of Oxford’s Blavatnik School of Government.

Israeli Prime Minister Benjamin Netanyahu. A channel critical of his government and its war in Gaza last week cancelled its most-watched programme. Reuters
Israeli Prime Minister Benjamin Netanyahu. A channel critical of his government and its war in Gaza last week cancelled its most-watched programme. Reuters

Writing on X, the group organising the protest, We Democracy, said it is staging the event as a “solidarity move with News 13 journalists and defence of press freedom in Israel” to put pressure on Sir Leonard to “change the improper appointment of Yulia Shmalov-Berkovic as chairman of the channel”.

“Channel 13 cannot be turned into another game tool in Netanyahu's hands,” it said.

Sir Leonard’s stake in Channel 13 is owned by his Access Entertainment business, led by former BBC director of television Danny Cohen.

A representative for Access told The Guardian: “Sir Leonard Blavatnik believes in the importance of press freedom in Israel and across the world. He has invested a significant amount of money in Israel’s Channel 13 to safeguard its existence and secure the future of free, impartial journalism. The Channel has never had a political agenda – as is the law in Israel – and he has never had editorial input.”

“It is categorically not the case that Sir Leonard appointed the CEO of News. The decision as to who runs Channel 13 News is a matter for its independent board on which Sir Leonard has no role. Freedom of expression and informed debate are core values of the channel, and this will always remain the case.”

Sir Leonard is worth £29.24 billion and was brought up in the US, where his parents emigrated when he was a child.

He is a dual US-UK citizen who is a keen supporter of the arts in Britain.

Sir Leonard also gave £75m to the University of Oxford to establish the Blavatnik School of Government, representing the biggest donation in the university’s 500-year history.

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What: International friendly

When: 7pm kick off

Where: Rugby Park, Dubai Sports City

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UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)

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FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm

Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm

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Manchester United (5) v LASK (0) 11pm 

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Bayer Leverkusen (3) v Rangers (1) 8.55pm

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FC Basel (3) v Eintracht Frankfurt (0) 11pm 

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: July 20, 2024, 10:12 AM