The Dogan Group said it had submitted its USD 742 million offer to Cukurova Holding to acquire a 53% stake in Digiturk. Digiturk is a digital pay-TV operator owned by Cukurova Holding. Reuters reported that the Savings Deposit Insurance Fund (TMSF) was expected to tender Digiturk. A state agency, TMSF gained control of Digiturk and other Cukurova-owned firms in May.
Analysts said that Dogan Holding has a controlling stake in D-Smart, another major player in the digital pay-TV segment in Turkey. Analysts also said that Turk Telekom, the country's largest telecommunications provider, was also interested in buying Digiturk. Oyak Yatirim Analyst Uygar Gezer told Reuters, "Dogan Group controlling both Digiturk and D-Smart would mean a very significant market share, I don't know if the competition board would allow that." There are 4.2 million subscribers in the pay-TV market in Turkey.
After Dogan Holdings announced its bid, shares in its Dogan Yayin broadcasting unit shoot up to 9.52%. Dogan Holdings' shares also increased by 4.65%.
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