“TPG, News Corp, Time Warner bid for Turkey’s Çalık media” – Today’s Zaman

Photo : Cihan. Source : Today's Zaman

“TPG Capital, News Corp and Time Warner have placed bids for the media assets of Turkey’s Çalık Holding, which also has interests in energy and finance, three sources close to the matter told Reuters on Monday.

“TPG, (News Corp’s Rupert) Murdoch and Time Warner placed bids. I know TPG is very aggressive,” said a source close to the deal, adding the submitted bids were around $1 billion, near the asking price.

He said the sale process could be completed in February.

Çalık bought ATV-Sabah for $1.1 billion in 2007 from the Savings, Deposits and Insurance Fund (TMSF). Çalık took on $750 million of bank debt in April 2008 to finance that acquisition.”

Source : Today’s Zaman


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