Turkish DTH broadcaster DigiTurk is 47 per cent held by private equity company Providence Equity Partners. Reports suggest that Providence is looking to exit the business and is having preliminary meetings with a number of potential buyers of its stake.
Other private equity companies are reportedly conducting due diligence examinations of the business, while Time Warner and News Corp are said to be looking at the stake.
Providence bought its share in January 2006 from Turkey’s Cukurova, which owns the balance of DigiTurk. Providence paid $250 million for its stake. An IPO was planned back in November 2007 but was never launched. However, at that time a valuation of some $2 billion was placed on the overall business.