SOCAR shows interest for partnership with Turkish media

Foreign firms are increasingly interested in investing in the Turkish media sector, as Azerbaijan’s state oil company Socar, U.S. based Time Warner and a Gulf company eye stakes in television channels and a daily newspaper.

Socar is looking for a possible partnership with Kanal 24 television and Star newspaper, owned by Star Media Group, and the Time Warner and Dubai-based private equity fund Abraaj Capital are reportedly in talks to buy Turkuvaz Media Group’s ATV television.

Socar is currently in talks with the Star Media Group for a possible partnership, an official of the company confirmed to Hürriyet Daily News on April 12. But the official did not give further information about the negotiations or the price since the talks were at a very early stage.

Star Media Group’s partner Fettah Tamince, also the founder of Rixos Hotels, a tourism sector giant active in eight countries, also confirmed earlier this week that they were in discussions about the sale of daily Star and Kanal 24, however, he said that they had not arrived at a final agreement yet.

Tamince is known for his close links to Prime Minister Recep Tayyip Erdo?an, who usually spends his holidays at one of the Rixos Hotels.

Star daily, founded by the Uzan Group in 1999, was transferred to the Savings Deposit Insurance Fund (TMSF) in 2004. The group was first bought by Turkish Cypriot businessman Ali Özmen Safa in a tender in 2006 and was later sold to Ethem Sancak. Tamince is a partner of the group since 2009.


/HurriyetDailynews/