News Broadcasting
News Corp to acquire a stake in Turkish TV station
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.
