Turkish Dogan sells TV channel

08.42 Europe/London, October 20, 2011 By Chris Dziadul

Turkey’s Dogan Media Group has sold its proprietary channel Star TV to the Dogus Media Group.
Quoting a statement from the Istanbul Stock Exchange, Hürriyet reports that the fee paid for a 99.99% stake in Isil Televizyon Yayincilik, the subsidiary that owns all the right and licences for Star TV, was $327 million.
As part of the deal between the two parties, Dogan Media Group will receive $151 million (€95.8 million) upfront and the remainder in two years.
However, it still requires the approval of both the Competition Board and Supreme Board of Radio and Television (RTUK).