Turkish conglomerate Ciner Group has acquired Turkish commercial channel Show TV for US$402 million.
The Savings Deposit Insurance Fund (TMSF), which had seized the Çukurova Group’s stake in the company after the firm had failed to make payments on debts, closed the deal last week according to a statement.
Further to that, Ciner Group has installed the general manager of its media outlet HaberTürk, Semih Kaya, as general manager of Show TV. The previous incumbent, Serdar Çaloğlu, has been appointed consultant to the channel’s board of directors.
The TMSF had put the Show TV stake up for sale on May 22, along with a number of other seized Çukurova companies.
There was no word on satellite platform Digitürk, which is 53% owned by Çukurova, is still on the block. The TMSF had said in May it would look to sell the Çukurova stake to the platform’s other parent, Providence Equity Partners, or work with the investment fund to find a new owner in order to service the debt.