“Doğan Yayın sells Star TV to Doğuş Group for $327 million” – Today’s Zaman

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

“Dogan group sells two leading newspapers” – Sabah

“Dogan Gazetecilik, the newspaper publishing unit of Turkey’s biggest media group Dogan Yayin, said Turkey’s Demiroren-Karacan partnership agreed to buy Milliyet and Vatan newspapers for $74 million.

Demiroren-Karacan group will pay $26 million for Vatan newspaper and $47.96 million for Milliyet, Dogan Gazetecilik said in a statement to the Istanbul Stock Exchange on Wednesday.

Dogan Gazetecilik shares were up 14.3 percent after the news but by 1418 GMT had reversed direction to trade 5.3 percent lower.

The shares fell because the sale price of the newspapers was lower than Dogan Gazetecilik’s market value, said analyst Hasan Sener at Oyak Securities. The newspapers make up the bulk of the company.

Dogan Gazetecilik’s market value stood at $283.7 million at yesterday’s close.

With the sale of Milliyet, the newspaper is back to its previous family owner.

Ali and Omer Karacan, who own the Number One broadcasting group, are the grandchildren of the founder of Milliyet, Ali Naci Karacan. Karacan sold the newspaper to Aydin Dogan in 1979.

The Karacan family has set up a partnership with Demiroren Group, which has interests in liquid propane gas and construction, to buy the newspapers.”

Source : Sabah

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