ITIM is a news agency

News agency

A news agency is an organization of journalists established to supply news reports to news organizations: newspapers, magazines, and radio and television broadcasters. Such an agency may also be referred to as a wire service, newswire or news service.-History:The oldest news agency is Agence...

 established in 1950 in Tel Aviv

Tel Aviv

Tel Aviv , officially Tel Aviv-Yafo , is the second most populous city in Israel, with a population of 404,400 on a land area of . The city is located on the Israeli Mediterranean coastline in west-central Israel. It is the largest and most populous city in the metropolitan area of Gush Dan, with...

, Israel

Israel

The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...

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History

ITIM was founded in 1950 by the seven main Israeli newspaper

Newspaper

A newspaper is a scheduled publication containing news of current events, informative articles, diverse features and advertising. It usually is printed on relatively inexpensive, low-grade paper such as newsprint. By 2007, there were 6580 daily newspapers in the world selling 395 million copies a...

s of the time, who each held an equal stake in the agency.The agency went into receivership

Receivership

In law, receivership is the situation in which an institution or enterprise is being held by a receiver, a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights." The receivership remedy is an equitable remedy that emerged in...

 in November 2003 and nearly ceased operations due to massive debts. On 19 February 2004, it was bought by an Israeli company for US$75,000. The agency now specialises in providing reports to foreign news agencies such as Germany

Germany

Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...

's Deutsche Presse-Agentur

Deutsche Presse-Agentur

Deutsche Presse-Agentur GmbH is a news agency founded in 1949 in Germany. Based in Hamburg, it has grown to be a major worldwide operation serving print media, radio, television, online, mobile phones, and national news agencies. News is available in German, English, Spanish, and Arabic.The DPA...

 and the Federal News Agency based in Washington, D.C.

Washington, D.C.

Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....

, United States

United States

The United States of America is a federal constitutional republic comprising fifty states and a federal district...

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