Dogan Agrees to Sell Two Turkish Newspapers for $74 Million
Aydin Dogan is seeking buyers for his media assets after the government demanded $3.8 billion in back taxes and fines. Goldman Sachs Group Inc. is advising Dogan on the sale of the units, which include CNN Turk television channel. TPG Capital and KKR & Co. LP were among companies shortlisted for the sales. Time Warner Inc. also has said it’s interested.
“It looks like the price is much lower than Dogan Group paid to buy Vatan daily,” Mehmet Agyuz, an analyst at EFG Istanbul Securities, said by telephone. “The deal doesn’t include the main bread-and-butter business, which is the Posta daily.”
Dogan Gazetecilik fell 22 kurus, or 5.3 percent, to 3.91 liras at 5:30 p.m., its lower price limit for the session and erasing gains of as much as 16 percent earlier. Dogan Yayin Holding AS, which controls Dogan Gazetecilik, rose 2 kurus, or 1.1 percent, to 1.81 liras.
Demiroren runs companies including Milangaz, a gas distributor. The Karacan family were founders of Milliyet newspaper and own assets including the Number One Media Group.
Lawyers are still working on the agreement, Omer Karacan said in a telephone interview. The agreement is expected to be signed today, Bloomberg HT television said citing Hanzade Dogan Boyner, daughter of Aydin Dogan.Source: Bloomberg
Latest from Admin TOA
- 300 migrants to be housed at shuttered Catholic church on Northwest Side in Chicago
- Turkish Stand-Up Sensation Hasan Can Kaya Embarks on U.S. Tour with Art Evi Production, in212 Production, and TAAS New York
- "Lean Startup, To Lean Company, To Rich Exit" by Dr. Kenan Sahin is released with Forbes Books
- LOSEV USA Ramadan Campaign Let the Children Heal First with Your Ramadan Donations
- Azerbaijan Society of America Honors Centennial Anniversary of the Great Azerbaijani Politician the National Leader of Azerbaijan President Heydar Aliyev