Haberturk, Bloomberg HT, Show TV: Turkish media giant acquired by Can Holding
File photo shows entrance of Cnier Yayin Holding building in Istanbul, Türkiye. (Photo via cineryayinholding.com.tr)
Turkish conglomerate Park Group officially announced the sale of its media subsidiary, Ciner Yayin Holding, which comprises prominent outlets such as Show TV, Bloomberg HT, Haberturk and HT Sports, to another Turkish conglomerate, Can Holding.
According to Turkish media reports, the sale is rumored to have been finalized for approximately $800 million.
In a written statement released by Park Group on Monday, it was confirmed that all shares of Ciner Yayin Holding have been transferred to Can Holding. Park Group cited its decision to focus on “global leadership goals in the mining industry” as the primary reason for ending its media investments.
“The transfer will come into effect following approval by the Turkish Competition Authority. We share this news with the public in the belief that this transition will bring new energy and strength to the media sector and our media employees,” read the statement from Park Group.
With the completion of this transaction, Park Group has officially exited the media sector.
‘No changes in management’
Can Holding, a Turkish conglomerate known for its energy brands and educational investments, including Doga College and Istanbul Bilgi University, confirmed that an agreement had been signed to acquire all shares of Ciner Yayin Holding in a written statement released on Monday.
Can Holding expressed gratitude to Park Group for their professionalism and collaborative approach throughout the process in the statement.
The statement also emphasized that following the completion of the transfer, media sector investments would be managed exclusively by Mehmet Kenan Tekdag, current Chairman of the Board of Ciner Yayin Holding.
Can Holding’s Chairman of the Board of Directors, Kemal Can, stated he is a first cousin of Mehmet Kenan Tekdag, emphasizing that they made this investment through his guidance, in an interview with business-focused patronlardunyasi.com.
“Mehmet Kenan Tekdag is our elder and a respected member of our family; there is no division between us. He was already part of the Ciner Group, and he will continue to lead. We will not have any involvement in the operations,” Kemal Can said.
