New Owners for Turkey’s Show TV

ISTANBUL: The Turkish conglomerate Ciner Group has agreed to a $402 million deal to acquire the local broadcaster Show TV.

The station was acquired by Ciner from Savings Deposit Insurance Fund (TMSF), which had seized some of the assets of Çukurova Group in May. Çukurova had failed to make payments on its debt.

Tapped to head Show TV is Semih Kaya, who is general manager of Ciner’s HaberTürk. The previous head, Serdar Çaloğlu, has been named as a consultant.