The German publishing giant Axel Springer Verlag has bought a 10% share in Dogan Yayin Holding, the largest Turkish media group. Former RTL CEO Helmut Thoma will join the board of the company as part of the 47 million deal.
Dogan Yayin Holding is the leading media group in Tur*** with a turnover of around 1.5 billion and 13,000 employees. The company owns newspapers Hürriyet, Milliyet and Posta, as well as an interest in the magazine publisher Dogan Burda and a majority stake in Dogan TV.
At the same time, Springer Verlag will reduce its 25% holding in the Dogan television business to 19.9%.
The shares have been bought back by the holding company for 77 million, of which 30 million will flow back to Springer Verlag by 2012 at the latest.