Rivals circle Turkey’s Dogan

City A.M. Reporter
Germany’s RTL Group and US-based Time Warner are believed to have submitted bids for assets belonging to Turkey’s largest media company Dogan Yayin.

Dogan Yayin, which owns Turkey’s largest broadcasting network as well as several newspapers and magazines, is valued at around $2bn (£1.25bn). News Corp had submitted a bid but pulled out yesterday because it regarded the value of the media assets as being “too rich”.

Several big media conglomerates such as Time Warner and News Corp are seeking to expand their holdings in emerging regions like India, central Europe and Latin America.

The company, which is embroiled in a dispute with the government over record tax fines that exceed its market value, is seeking to sell its partnerships and assets.

Private-equity companies are thought to be interested in Dogan’s newspapers, which include mass-circulation Hurriyet and Milliyet dailies.

A senior Dogan Yayin executive, Vuslat Dogan Sabanci, who is chairwoman of unit Hurriyet Gazetecilik, told CNBC-e television that Dogan Yayin had received non-binding offers.

The company, however, said in a filing with the stock exchange it had previously announced its plan to sell assets and that there were no new developments. Goldman Sachs is thought to be running talks with potential buyers. News Corp already part-owns a Fox channel in Turkey, but declined to comment further on the sale of Dogan Yayin.