Springer-Dogan $493 mil deal approved
EmptyCOLOGNE, Germany -- German and Turkish authorities on Wednesday approved a deal that will see German publisher Axel Springer pay €375 million ($493 million) for a 25% stake in Dogan TV, the television division of Turkish media group Dogan Yayin.
Springer is Europe's No. 1 newspaper and magazine publisher. Dogan Yayin is Turkey's largest media conglomerate.
Springer announced the Dogan TV deal in November, saying it was part of the company's strategy to expand beyond its core German market (HR 11/17).
But many analysts saw the move as an attempt by Springer to buy into German broadcasting group ProSiebenSat.1. Springer tried to acquire ProSiebenSat.1 earlier this year but was thwarted by local media watchdogs.
Shortly after Springer announced its intention to acquire a stake in Dogan, the Turkish group made a bid for ProSieben.
Dogan Yayin was beat out, however, by private equity companies KKR and Permira, which bought a majority stake in ProSiebenSat.1 from a group of investors led by Haim Saban (HR 12/14).
Shortly after the Springer/Dogan TV deal, Berlin-based Springer announced plans to acquire a 25% in Polish television group Polsat in a deal valued at up to €300 million ($400 million). The Polsat agreement must still be approved by local and German media authorities.