German media company Axel Springer has backed out of a deal to acquire a stake in Turkish media company Dogan Yayin.
The German firm was looking to purchase a 29% stake in Dogan Yayin, which operates a pay-TV service, broadcast networks as well as the Turkish version of CNN, but pulled out after it was unable to resolve a US$3.3bn (2.2bn) tax dispute with the Turkish government. However, Axel Springer said that it would reconsider the deal once the dispute was settled.
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