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Axel Springer agrees to buy 25% of Dogan TV.

Axel Springer agrees to buy 25% of Dogan TV. Dogan Yayin Holding announced that Axel Springer, a German media company, agreed to buy a 25% stake in Dogan TV for EUR 375mn (USD 480mn). Axel Springer will be represented with two members in the company’s seven-member board. The transaction will be finalized after Axel Springer completes due diligence and necessary permissions are obtained. Axel Springer will make the payment in one instalment. Competition in the Turkish media sector has intensified. Last year, Dogan TV acquired Star TV, privatized by Saving Deposit Insurance Fund (SDIF), for USD 305.6mn. In July, US-based News Corporation and Ahmet Ertegun, chairman of Atlantic Records, bought major stake in TGRT TV for USD 82mn. According to reports from local media this week, Canwest is also holding talks for Cukurova Group’s media companies, namely the daily Aksam and Show TV. Reportedly CanWest wants to buy the entire stake in Aksam and 20% of Show TV. CanWest had purchased four radio channels that were previously owned by Uzan Group from the SDIF.

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