Turkish media giant Dogan Group is making a $742 million bid to buy pay-TV operator Digiturk. Specifically, Dogan is bidding to buy Cukurova Holdings which would give it a 53 per cent stake in the digital pay-TV broadcaster.
Digiturk is up for sale insofar as it is the state-owned Savings Deposit Insurance Fund is selling down its stake, seized from Cukurova back in May after Cukurova failed to meet debt obligations.
Dogan already owns a rival pay-TV broadcaster D-Smart, so it is far from clear that it would pass scrutiny as far as monopoly regulations are concerned.
Another interested bidder is reportedly Turk Telecom.
The current picture sees Digiturk hold a 62 per cent market share, with D-Smart controlling 38 per cent of the nation’s 4.1 million subscribers.