“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