Deals
Turkey Media Baron to Sell After Long Battle With Erdogan
- Assets include Hurriyet newspaper, CNN Turk, Dogan News Agency
- Talks based on $1.1b enterprise value, $890m share value
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Aydin Dogan, the 81-year-old billionaire whose control of the largest media group in Turkey put him in constant battle with the government, has begun talks to sell all of those assets to a group loyal to President Recep Tayyip Erdogan.
Dogan’s negotiations with Demiroren Holding AS are based on a market value for the media assets of $890 million, less than a quarter of the group’s enterprise value at its peak in the mid-2000s. That was before Dogan was slapped with multi-billion dollar tax fines and forced to unload some of its flagship outlets.