Digiturk’s beIN Media Group takeover approved

Turkey’s state-owned Savings Deposit Insurance Fund has approved the sale of pay-television broadcaster Digiturk to beIN Media Group, recipe according to the Anadolu news agency.

The agreement was first announced nearly a year ago. The value of the deal has not been disclosed publicly, with reports suggesting that the agreement could range from between $1.2bn (€1.1bn) and $1.5bn.

The report said that the payment would be transferred in 60 days’ time.

Investment vehicle Çukurova Holding, which is controlled by Turkish billionaire Mehmet Emin Karamehmet, held a 53-per-cent stake in Digiturk, while US buy-out company Providence Equity Partners and other shareholders controlled the remaining 47 per cent.

The deal required the approval of the Savings Deposit Insurance Fund, which seized Cukurova’s stake in Digiturk in 2013 due to debts.

Digiturk has domestic rights for Turkish football’s top-tier Süper Lig until the end of the 2016-17 season.

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