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MUMBAI: In a bid to expand its presence in the smaller European
markets US media conglomerate News Corp has bought a majority
stake in a Turkish broadcaster.
The company will spend $98 million to buy TGRT. Media reports
state that News Corp's subsidiary Fox is working with Ahmet
Ertegun, a Turkish citizen who founded and is the chairman of
Atlantic Records, to buy the channel from Turkish firm Ilhas
Yahin Holding.
Reports add that the alliance with Ertegun may help Murdoch
to by-pass Turkish regulations barring foreigners from owning
more than 25 per cent of a media company.
News Corp will compete with Turkish broadcasters including
market leader Dogan Yayin for a share of an ad market that
grew more than 30 per cent last year.
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