Star newspaper sold to KKTC businessman

ISTANBUL - Turkish Daily News | 1/26/2006 12:00:00 AM |

The Savings Deposit Insurance Fund sold off one more of Star Media Group’s holdings today for $5.15 million, reported the Anatolia news agency.

The Savings Deposit Insurance Fund (TMSF) sold off one more of Star Media Group's holdings today for $5.15 million, reported the Anatolia news agency.

Ali Özmen Safa, who bought Star newspaper, offered an initial bid of $4 million but was outbid by Ipek Broadcasting. Safa then responded before making a final bid of $5.15 million.

Safa, who is originally from northern Cyprus, where he worked for three years in the tourism, real estate and energy sectors. He has also spent five years in England, where he invested approximately 100 million pounds in the real estate market.

“I brought my experience in England to Cyprus; Turkey is next,” he said.

Safa said his offer reflected research on the value of the newspaper, more than $9.5 million.

“This was our offer,” he said, “We were not in a situation where Star would have been ours regardless of price.”

Star Media Group General Manager Edip Sözen said in an interview with Turkish Daily News that the group had been working to get a high price for the newspaper.

“It wasn't the outcome we were hoping for,” he said. “But no matter how much you work at raising the value of a newspaper, the cost is always lower in a tender,” said Sözen.

Safa said at a press conference after the tender that he would not rule out investing further in the Turkish media, with upcoming possibilities of investing in Kral TV and Kral FM.

Sözen said he did not know Safa's intentions for current employees of the newspaper but added that the new ownership could only help their situation.




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