Turkey’s Show TV up for sale?
May 18, 2011
By Chris Forrester
Turkey’s Cukurova Holdings, which also controls pay-TV platform Digiturk, is looking to sell a 49 per cent stake in its popular general entertainment channel Show TV.
Reports suggest that the stake could be sold to US private equity players in order to reduce Cukurova’s heavy tax debts. KKR and Texas Pacific are both named as potential buyers.
Show TV is said to be worth at least $800 million, and could top $1 billion in value on a typical multiple of 12-times earnings, say local reports.
Cukurova might not be finished with its tax-paying efforts suggest local reports, with sources suggesting that elements of DigiTurk itself, or telco Turkcell which it controls might also be sold off.