In a written statement released on Monday through the Public Disclosure Forum (KAP), Doğan Yayın said the company had reached an agreement with Doğuş for the sale of Star. “We signed a deal for the sale of our shares in Star TV late on Monday with Doğuş Group,” the statement said. Doğuş will pay $151 million in cash and the remaining $176 million will be paid in 24-month installments to DYH. Doğuş takes over Star from Nov. 1.
Doğan had to pay the Finance Ministry TL 294.2 million in fines levied on the company in 2009 for alleged irregularities in its tax returns. In alleged efforts to raise funds to compensate for the tax fines it had to pay, DYH in April sold its Milliyet and Vatan dailies to the Demirören-Karacan joint venture’s DK Gazetecilik ve Yayıncılık A.Ş. for $74 million. Doğan last year said it would eventually sell all of the companies in its media business, except for the Hürriyet daily, within three months in an attempt to pay off the crippling tax fines. »
Source : Today’s Zaman