Transition of Doğan’s media assets to Demirören group completed

ISTANBUL

The transition process of the Doğan Group’s media assets, including the Hürriyet Daily News, to the Demirören Group has been completed.

In accordance with the share sales agreement signed by the Doğan and Demirören groups on April 6, the cash total of $893 million has been transferred to the bank accounts of Doğan companies as of May 16, according to the statement made by Doğan Holding to the Public Disclosure Platform (KAP) on May 16.

The payment covers the handover of media assets including dailies Hürriyet, Posta and the Hürriyet Daily News, TV channels Kanal D and CNN Türk, Doğan News Agency, the Doğan internet webcast company, Doğan Media International, and the licenses of Radyo D and CNN Türk Radyo.

Demirören Holding will pay an additional $26 million for the 7 percent of Doğan TV Holding shares held by Commerz Film, the joint company of Doğan Holding and German group Axel Springer.

The amount of the bank loans of the mentioned companies paid off by Doğan Holding, totaling $67 million, will also be paid by Demirören Holding on June 1 at the latest, the statement read.

New board members appointed

In other two statements made to the KAP, new appointments made to the boards of Doğan Gazetecilik and Hürriyet Gazetecilik were announced on May 16. 

Mehmet Soysal, CEO of Demirören Media Group, has been appointed to the Board of Directors of Doğan Gazetecilik, taking the seat of Zafer Mutlu who has resigned, according to the statement made by the company.

Soysal has also been appointed to the Board of Directors of Hürriyet Gazetecilik to replace Vuslat Sabancı who has resigned, according to another statement to the KAP.

Uğur Nabi Yalçın will replace Béatrice de Clermont Tonnerre and Oktay Demir will replace Kai Georg Diekmann on the Hürriyet Gazetecilik Board of Directors after the approval of shareholders.