Turkish media group Dogan Yayin Holdings has sold one of its three television channels – Star TV – following a lengthy struggle with the government.
Dogan has sold the entertainment channel to Dogus, owners of one of the country’s largest banks Garanti, in a bid to reduce a series of hefty tax fines from the government. Dogus has paid US$327 million (€237 million) for a 99.99% stake in Işıl Televizyon Yayıncılık, the subsidiary that owns the rights and licences of Star TV.
Turkish authorities have been lobbying to get Dogan to reduce its share of the country’s media market, following recent legislation that prevents any one company from controlling more than 30% of the advertising market in a sector. Separately, in 2008 authorities imposed a TRY4.8 billion (€1.9 billion) fine in back taxes, fines and interest.
The deal is subject to approval from the Supreme Board of Radio and Television (RTUK) and the Competition Board.
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