ECONOMY

Dogan group bids $306.5m for TV channel

ISTANBUL (Reuters) – Leading Turkish media group Dogan Yayin Holding made the highest bid of $306.5 million for broadcaster Star TV in a televised auction held by the state banking fund yesterday. Star TV has been held in receivership since authorities seized assets belonging to the controversial Uzan family last year after the collapse of their Imar Bank. Dogan Yayin Chief Financial Officer Soner Gedik told reporters at the auction that the company planned to pay for the purchase in cash. Dogan participated in the tender through its unit Isil Televizyon Yayincilik Ticaret AS. The second-highest bid of $306.25 was made by the local Ciner Group. Two other companies, CGS Televizyon ve Radyo Yayinciligi and Atlantik Basin Yayin, took part in the tender. A minimum price of $155 million had been set in the auction and bidding began at $156 million. Dogan Yayin is a dominant force in local broadcasting with its flagship channels Kanal D and CNN Turk. It also publishes leading daily newspapers such as Hurriyet and Milliyet. Dogan Yayin Holding is part of the Dogan Group, whose interests also include finance and energy.