Socar in talks with Turkish businessman Tamince to sell 50% stake in Star media group. [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Kenan Yavuz, CEO of Socar Turkey, told Reuters that the company is in talks with local businessman Fettah Tamince in order to sell its whole 50% stake in Star media group.
The remaining 50% of the media group is held by another Turkish businessman Ethem Sancak. Both Tamince and Sancak are known for their close ties to the Prime Minister Recep Tayyip Erdogan.
In May 2013, Turkey's competition board approved the acquisition of a 50% stake in Star Media Group by Socar Turkey Medya, a subsidiary of Azeri oil company Socar. Details of the deal have not been disclosed. Tamince had acquired the Star media assets in 2009.
In March 2014, Ethem Sancak applied to the Turkish competition authority in order to acquire a 50% stake in Star Medya Yayincilik, Star Medya Ajans, Star Matbaacilik and Dinamik Radyo from Fettah Tamince, Ali Tamince and Turgay Mutlu Simayli.
Star Media Group assets include the Star newspaper and TV channel Kanal 24. Socar and the owners of Star Media Group held talks for weeks on the deal.
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