Dogan Bids for Digiturk

ISTANBUL: Turkey's Dogan TV Holding has made a non-binding offer to purchase a majority stake in Digiturk for $742 million.

Dogan is bidding to acquire Cukurova Holdings, which would give it a 53-percent share in the Turkish pay-TV broadcaster. The U.S. private equity group Providence Equity Partners owns the other 47 percent. Control of Digiturk was seized by the Turkish state earlier this year after the group experienced financial difficulties.

Dogan already owns a rival pay-TV broadcaster, D-Smart, so there are some monopoly regulations that could be of concern with the deal going through. The companies would have a combined subscriber base of 4 million to 5 million in Turkey.