Erdogan’s Media Grab Stymies Expansion by Murdoch, Time Warner

In March 2012, Rupert Murdoch flew to Ankara and spent an hour chatting with Prime Minister Recep Tayyip Erdogan about investing in Turkey.

It wasn’t his first foray into the country. Murdoch’s News Corp., which at the time owned film, television and newspaper companies from North America to Europe and Australia, had bought a stake in one television channel in Turkey in 2006. In 2008, News Corp. had been interested in two other media assets: a national newspaper and its television partner.

By the time of the meeting with Erdogan, those companies had lost as much as $200 million, their financial reports showed. The owner, Calik Holding AS, had hired Goldman Sachs Group Inc. to seek buyers. The bank had done its job. News Corp. was among the potential bidders, in addition to Time Warner Inc. and private-equity firms such as TPG Capital, KKR & Co. and Dubai’s Abraaj Group.

Link : (Bloomberg)

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