« Murdoch a contender to buy Atv-Sabah » – Sabah

« According to Wall Street Journal, News Corp may be joining the likes of Time Warner Inc. and TPG Capital to offer bids for Sabah-ATV.

Çalık Group and its advisors at Goldman Sachs were seeking preliminary bids on Wednesday; however the deadline to bid for Turkey’s second largest media conglomerate has now been pushed back to next week, allowing for News Corp to also be a contender.

The sale process for the Sabah-ATV media conglomerate run by young prominent business leader Serhat Albayrak , which includes the highly competitive newspaper and television station as well as a series of popular magazines, has already received interest from U.S. media giant Time Warner Inc. and private-equity firm TPG Capital. According to The Wall Street Journal, Rupert Murdoch’s News Corp will also be putting up a bid. Sources say Sabah-Atv is valued somewhere between $700 million and $1 billion. A bid from News Corp., which also owns The Wall Street Journal, could push the sales figure to the higher end of that range or above.

In 2008, Çalık Group, which also has interests in construction, energy, textiles, finance and telecommunications, acquired Sabah-Atv from the state for $1.25 billion. »

Source : Sabah

« Race for ATV-Sabah heats up as Murdoch joins in » – Sunday’s Zaman

« Friday’s report in The Wall Street Journal that Australian-American media mogul Rupert Murdoch’s giant News Corporation was mulling over acquiring Turkish Çalık Holding’s Sabah daily and ATV station will boost the competitors’ bids for the sale, observers argue.

Çalık recently announced he was putting Sabah and ATV on sale and that the US investment management firm Goldman Sachs was authorized for the sale. The WSJ quoted sources close to News Corp that the company last Wednesday demanded Goldman Sachs to extend the pre-proposal date for the sale, which gave Murdoch another week to come up with an offer. The WSJ also claimed the sale process has drawn interest from bidders including Time Warner Inc. and private equity firm TPG Capital. The offer could be between $700 million and $1 billion, and the presence of another bidder such as News Corp could increase the deal at the high end of that range or above, the WSJ report said.

This is not the first time Murdoch has voiced interest in the Turkish media market.

Murdoch and his partner Turkish-American music magnate Ahmet Ertegün’s Atlantic Records acquired Turkish Huzur Radyo TV AŞ. — the owner of TGRT TV — for $98 million in 2006. TGRT’s name was later changed to Fox TV and it continues operating under this name in Turkey. The mogul in 2007 shared plans with the Turkish government that he “seriously contemplated the acquisition of Sabah and ATV” when they were put on sale by the state’s Savings Deposit Insurance Fund (TMSF). Following confiscation by the TMSF from Turkish business tycoon Turgay Ciner’s Merkez Media Group in 2007, the Çalık Group acquired Sabah and ATV along with other smaller entities for $1.25 billion in 2008. In addition to top-rated entertainment station ATV and major daily Sabah, Çalık Group also currently owns smaller newspapers Takvim, Günaydın, Yeni Asır and Pas Fotomaç, radio station Radio City, 10 magazines and their properties, brand names and equipment. […] » »

Source : Sunday’s Zaman

« Murdoch’s News Corp. plans bid to buy Turkish media group » – Today’s Zaman

News Corporation CEO Rupert Murdoch holds a copy of The Sun and The Times as he is driven away from his flat in central London on July 11, 2011. (Photo: Reuters / Source : Sunday's Zaman)

« Rupert Murdoch’s News Corporation is considering a bid to buy one of Turkey’s biggest media groups, which owns the Sabah daily and popular TV station ATV, according to a report by The Wall Street Journal (WSJ), one of the media outlets owned by News Corporation.

The Turkish group is currently owned by Çalık Holding, a business conglomerate run by Prime Minister Recep Tayyip Erdoğan’s son-in-law.

Çalık and its advisors at Goldman Sachs Group Inc. sought preliminary bids Wednesday but have pushed back the deadline until next week, in part to accommodate News Corporation, WSJ reported Friday, quoting unnamed sources that it said were familiar with the issue.

The value of Sabah-ATV is estimated to be between $700 million and $1 billion, according to the WSJ report.

The WSJ said US media giant Time Warner Inc. and private-equity firm TPG Capital are also interested in Sabah-ATV.

News Corporation, which owns a number of media outlets — including the Daily Telegraph, New York Post and Fox Broadcasting Company — in many countries, also holds the majority share of popular television station Fox TV in Turkey. »

Source : Today’s Zaman

« Calik media sale to get airing in February » – Reuters

By Seda Sezer and Asli Kandemir

* Goldman Sachs hired for sale -sources
* Comes after Calik placed on watch list by Fitch
* No problems redeeming $200 mln bond -company official (Releads with media sale)

ISTANBUL, Jan 18 (Reuters) – Turkish group Calik Holding may complete the sale of media assets ATV and Sabah in February, sources told Reuters on Wednesday.

Earlier in the day, a Calik official insisted the group would have no problem redeeming a maturing $200 million unsecured note after Fitch Ratings placed the company on a watch list due to refinancing concerns.

Calik hired Goldman Sachs this month to steer the sale of ATV and Sabah, according to sources close to the matter, who added the initial bidding round will close on January 18.

Private equity funds including TPG Capital and KKR & Co, along with Time Warner and RTL Group — Europe’s biggest commercial broadcaster — are among interested bidders, the sources said.

« Calik Group does not have a financing problem. It will make a strategic decision on whether to exit media. I do not think the process would take too long because Goldman Sachs studied the media sector very well and Calik is only talking to a very few investors, » a source close to the deal told Reuters.

« Bids will be collected until the beginning of February and the sale may finalise in February, » the same source said. Another source close to the matter also confirmed bids will be collected until February.

Goldman Sachs was last year mandated for the sale of assets of Turkey’s biggest media group, Dogan Yayin, and was hired for the separate process of selling its flagship Hurriyet newspaper.

The interested bidders for Calik assets were also on the shortlist for Dogan Yayin assets, but that sale did not happen.

Credit rating agency Fitch said on Tuesday it had placed the $200 million, five-year bond issued by Globus Capital Finance and guaranteed by Calik, on rating watch negative.

« There is no problem with the redemption. We will make the redemption, » a Calik Holding official told Reuters on Wednesday.

The redemption by Calik, which also has interests in energy and finance, is due on March 5.

The 8.5 percent bond has been falling in recent weeks, and was trading at a yield of almost 25 percent on Wednesday.

« Fitch assumes that Calik will need to get additional bank lines or external funding to meet the maturity which, to Fitch’s knowledge, have yet to be put in place, » the agency said.

It added the Sabah and ATV media assets were thinly capitalised, considering the competitive market they were in and the current and projected working capital needs.

Calik took on $750 million of bank debt in April 2008 to finance that acquisition. (Editing by David Hulmes)

Source : Reuters