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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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