Consortium steps back in media buying

ISTANBUL

Three Turkish companies, Cengiz, Kolin and Limak, announced in a joint statement today their intention to back away from the acquisition of several media assets belonging to Çukurova Holding, including daily Akşam, SKY 360 and Alem Radio, all of which have been seized by Turkey’s state-run Savings Deposit and Insurance Fund (TMSF). 

They said earlier that they would pay $60 million for the media assets. Limak Holding’s head, Nihat Özdemir, said they had wanted to be in the media business for a long time, but have since decided to withdraw from acquiring Çukurova’s seized media assets. 

The TMSF appointed a former ruling party deputy as Akşam’s editor-in-chief in June. 

Cengiz, Kolin and Limak have recently won many tenders together, including Istanbul’s third airport, whose estimated cost is 22 billion euros.