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BUSINESS > State-seized media assets of Çukurova conglomerate sold to businessman Ethem Sancak

ISTANBUL – Hürriyet

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Ethem Sancak also owns daily Star and Kanal 24, after both were seized from the Uzan group. DHA photo

Ethem Sancak also owns daily Star and Kanal 24, after both were seized from the Uzan group. DHA photo

Media assets seized by the Savings Deposit and Insurance Fund (TMSF) that belonged to the troubled Çukurova conglomerate have been sold to Turkish businessman and entrepreneur Ethem Sancak.
 
“Negotiations between Çukurova Holding and businessman Ethem Sancak, an experienced individual who has achieved success in the media sector, have been finalized with a deal,” the Turkmedya group, which operates the 11 sold assets, announced on Nov. 21 in a statement.
 
The 11 Turkmedya assets, including  daily newspapers Akşam and Güneş, digital pay-TV operator Digiturk and news broadcaster SkyTurk 360, were initially agreed to be sold to companies Cengiz, Kolin and Limak, all of which operate mostly in the construction sector. However, the three companies, who recently successfully made a joint tender bid for Istanbul’s third airport, had decided to withdraw their offer.
 
The fresh agreement totals $62 million dollars, the group said, surpassing the $60 million offer from joint-buyers Cengiz, Kolin and Limak.
 
Another important media outlet of the Çukurova Group, Show TV, was sold to Ciner Group in June for $402 million, after being seized by the TMSF.
 
Sancak was the owner of daily Star and Kanal 24, before selling both outlets to Fettah Tamince, who runs the Rixos hotels.
 
Last March, the TMSF had seized several Çukurova assets, mainly media enterprises, due to the non-redemption of debts that the group owed.

November/22/2013

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Aydin Amsterdam

11/22/2013 8:19:57 PM

well people, there is still hdn to put your whining stories on akp :-) turk oz, when you look at someone's picture and judge him on his looks, then you are no better than the people you judge!

Sultan Davut

11/22/2013 11:53:40 AM

Red Tail: "Interesting to know their background and political orientation"? Not really interesting and all very predictable: VERY pro government. He sunk his teeth into Star Media after it was taken from Cem Uzan (who while not the cleanest businessman was ripped apart for his politics) and turned it into one of the more pro government papers around.

JRC JRC

11/22/2013 9:26:48 AM

So that's Digiturk finished then, or at least as we know it.

Red Tail

11/22/2013 6:59:50 AM

It would be interesting to learn more about the background and political orientation of the buyer. When the state sells something we have to make sure that the highest bidder gets and that the buyer does not get any favors from the state. When it comes to media it is even more important that we do not have all media companies ending up in the hands of government friendly buyers.

Black Berry

11/22/2013 6:36:18 AM

So more control of the media by individuals close to Erdogan. Sancak is widely reported to be a business partner of Emine Erdogan.

turk oz

11/22/2013 2:45:58 AM

Thislooks like another takeover. Whenever AKP does not like some television owners they take an action. Looking at a picture of Ethem Sancak with the beard and all he is a big part of the AKP... So what is new? Nothing.. Unless CHP comes up with accusations about AKP these thugs so called akp loyal s will get away with MURDERS. So far they were successful. TURKS if you love your country do not let this happen. Shame on you, you have no guts. You are going to have a long and terrible life.
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