ISTANBUL – Hürriyet Daily News
Turkish media conglomerate Doğan Media Group has sold one of its TV channels, Star TV, to the Doğuş Media Group, according to a statement made to the Istanbul Stock Exchange (İMKB) on Oct. 17.
Doğan agreed to sell 99.99 percent of Işıl Televizyon Yayıncılık, the subsidiary which owns all rights and licenses to Star TV, for $327 million, the statement said. The subsidiary company’s paid-in capital stood at 391.5 million Turkish Liras.
In the sale agreement signed at 7 p.m. on Oct. 17, Doğan will receive $151 million upfront, while $176 million will be paid in installments over two years, the statement said.
The deal is subject to approval from the Supreme Board of Radio and Television (RTÜK) and the Competition Board.
The sale of Star TV comes after Doğan sold dailies Milliyet and Vatan for $74 million. The newspapers were sold to DK Gazetecilik, a joint venture between the Demirören and Karacan groups, who later engaged in a bitter dispute over management of the venture.
Doğan Media Group also owns Hürriyet Gazetecilik, the company which publishes flagship daily Hürriyet and the Hürriyet Daily News.
via Doğan sells out TV channel – Hurriyet Daily News.