The German publishing giant Axel Springer Verlag has bought a 10% share in Dogan Yayin Holding, the largest Turkish media group. Former RTL CEO Helmut Thoma will join the board of the company as part of the €47 million deal.
Dogan Yayin Holding is the leading media group in Turkey with a turnover of around €1.5 billion and 13,000 employees. The company owns newspapers Hürriyet, Milliyet and Posta, as well as an interest in the magazine publisher Dogan Burda and a majority stake in Dogan TV.
At the same time, Springer Verlag will reduce its 25% holding in the Dogan television business to 19.9%.
The shares have been bought back by the holding company for €77 million, of which €30 million will flow back to Springer Verlag by 2012 at the latest.