Turkish media deal finalised
November 26, 2013 09.41 Europe/London By Chris Dziadul
Turkeys Savings Deposit and Insurance Fund (TMSF) has sold some of the media assets of the Çukurova conglomerate to the local entrepreneur Ethem Sancak.
Local reports that this follows successful negotiations between Çukurova and Sancak on the assets.
The sold assets constitute what was known as the Aksam media group and include SkyTurk 360 television.
They were being operated by the Turkmedya group and were initially going to be acquired by the companies Cengiz, Kolin and Limak, all which are mostly active in the construction industry.
However, the companies decided to withdraw their offer of $60 million, leaving the door open for Sancak to step in with a deal valued at $62 million.
The TMSF seized Çukurovas media assets earlier this year and subsequently sold one of them Show TV to the Ciner Group for $402 million.
Sancaks interests already include the TV station Kanal 24.
Broadband TV News understands that Digiturk, the pay-TV platform formerly operated by Çukurova, still remains for sale.
It has already attracted interest from a number of potential buyers including Türk Telekom and the rival operation D-smart.