German giant pays $480 million for 25% stake in Dogan
BERLIN — German publishing giant Axel Springer will take a 25% minority stake in Turkish TV company Dogan Yayin for Euros 375 million ($480 million), the company announced Thursday.
Springer will get two seats on the board of directors of subsidiary Dogan TV, one of Turkey’s leading broadcasters. The deal is subject to clearance by regulatory authorities. Springer said the purchase price may be subject to adjustments until the end of 2014, depending on the future value of Dogan Yayin.
Based on Springer’s acquisition, the broadcaster is valued at Euros 1.5 billion ($1.92 billion). Dogan Yayin, which has a 99.5% stake in Dogan TV, is part of the Dogan Holding conglomerate, which has a portfolio embracing everything from energy to tourism.
Broadcasting business includes top channels in Turkey, such as Kanal D and CNN Turk. It also has major print media holdings in Turkey.