Springer buys 10% of Turkey's Dogan Group
Springer retains a 25% stake in Dogan TelevisionCOLOGNE, Germany -- German media group Axel Springer has taken a 10% stake in Turkish giant Dogan Yayin Holding, furthering Springer’s strategy of diversifying outside the German market.
Springer will receive a seat on Dogan’s management board. Former RTL Television head Helmut Thoma is expected to fill the post.
Springer also sold Dogan back a 5.1% stake in its broadcasting division Dogan TV. The swap means Dogan will on balance pay Springer 30 million euros ($38 million). Springer retains a 25% stake in Dogan TV.