Turkish film producer says Barrack’s investment saves company from collapse

ISTANBUL

Muzaffer Yıldırım, the producer behind some of Türkiye’s biggest box-office hits, says Tom Barrack, the U.S. investor who later became Washington’s ambassador to Ankara, played a decisive role in rescuing his company at its most vulnerable moment.

Yıldırım, founder of the Mars cinema chain and a central figure in Türkiye’s modern entertainment and lifestyle sectors, said his business faced bankruptcy twice in the early 2000s, a period when the country’s cinema industry was still recovering from years of decline and falling audience numbers.

“Two of our cinemas shut down. There were moments when we couldn’t even pay salaries,” Yıldırım told daily Hürriyet.

At the time, the investment fund of Türkiye’s first national bank, İşbank, took control of 65 percent of the struggling company.

The breakthrough came when Colony Capital, a U.S.-based private equity firm owned by Barrack, expressed interest in the business.

According to Yıldırım, Barrack flew to Istanbul by private jet for final talks, met with the management team and listened to their long-term plans for cinema and sports club investments.

After a dinner meeting on the Bosphorus, Barrack agreed to invest $25 million.

The funding stabilized the company and enabled new investments, particularly in sports and fitness clubs, which later expanded nationwide.

Colony Capital gained $75 million from the partnership within three years, Yıldırım said.

His cinema and sports businesses were eventually sold to a South Korean group in 2016.

Yıldırım said he briefly stepped away from work after the sale but soon returned, focusing on film production, boutique hotels under The Stay brand, and cultural venues such as the DasDas performing arts center.

He remains a strong defender of theatrical cinema despite the rise of streaming platforms.

Audience turnout proves that well-made films still draw crowds to theaters, according to Yıldırım.

Looking ahead, he expects 2026 to mark a stronger period for Türkiye’s film industry, driven by high-profile domestic productions and growing interest in premium cinema formats such as IMAX.