Turkey’s Dogan Yayin Holding said Monday that Turkish and German antitrust agencies have given their OK to German publishing giant Axel Springer’s acquisition of a 25% minority stake in Dogan TV, one of the leading broadcasters in the fast-growing Turkish media market.
Dogan sold the stake to Springer, which also will get two seats on the board of directors of Dogan TV, for E375 million ($490 million).
Dogan Yayin, which has a 99.5% stake in Dogan TV, is part of the Dogan Holding conglom, whose portfolio embraces everything from energy to tourism. Its broadcasting biz also includes top channels in Turkey, such as Kanal D and CNN Turk.
Advertising spending has been growing rapidly in Turkey.
In a statement to the stock market in Istanbul, Dogan Yayin said due diligence had been successful.
“Both the German and Turkey antitrust agencies have found the takeover transaction suitable,” company said.
When the Springer deal was announced in November, there was widespread speculation of a link to Springer’s failed effort to buy German broadcaster ProSiebenSat 1, which it dropped amid antitrust objections in February. Dogan Yayin made a bid for ProSiebenSat 1 in November but lost out to private equity firms KKR and Permira.