Pro-Erdogan Media Mogul in Talks to Revamp $1.5 Billion in Loans
Hurriyet daily newspaper stand in Istanbul, Turkey.
Photographer: Chris McGrath/Getty Images
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The owner of Turkey’s biggest media empire, a group loyal to President Recep Tayyip Erdogan, is in talks to restructure about $1.5 billion of loans that include funds used to finance its acquisitions of several newspapers and television stations, according to people with knowledge of the matter.
Backed by TC Ziraat Bankasi AS, the country’s biggest lender, Demiroren Holding AS paid almost $1 billion to Dogan Sirketler Grubu Holding AS in 2018 to buy outlets such as mass-circulation Hurriyet daily and CNN Turk, which often faced accusations of bias against the government.