Turkey’s Doğan Sells Off Star TV

ISTANBUL: The Turkish media conglomerate Doğan Media Group has sold its Star TV station to the Doğuş Media Group.

Dogan sold the entertainment channel to Dogus, owners of one of the country’s largest banks, Garanti. Dogus paid $327 million for a 99.99-percent stake in Işıl Televizyon Yayıncılık, the subsidiary that owns the rights and licences of Star TV.

A factor in the sales is recent legislation that prevents any one company from controlling more than 30 percent of the advertising market in a sector. Dogan was the only media group in breach of that threshold.

The deal still requires the approval of both the Competition Board and Supreme Board of Radio and Television (RTUK).