Time Warner, News Corp. bid for Sabah

Bids for Turkish group close to $1 bil

Time Warner, News Corp. and private equity group Texas Pacific have placed formal bids to acquire Turkish media group ATV-Sabah, Reuters reported Monday from Istanbul, as U.S. media congloms looking to grow hunt for assets in overseas and emerging markets.

Sabah is part of Calik Holding, which also has interests in energy and finance. Bids were said to be near the $1 billion asking price.

The potential M&A market in media appears to be heating up as private equity with cash to burn is back out in force, competing with strategic buyers on some deals. In addition, billionaire investor and three-time owner of MGM, Kirk Kerkorian, is said to be back on the prowl as well for U.S. or international entertainment assets.