NewsCorp to Invest $98m in Turkish TV

26 July 2006

ISTANBUL: News Corporation said on Monday it is to acquire a TV station in Turkey in partnership with the founder and chairman of Atlantic Records, Ahmet Ertegun.

NewsCorp and Ertegun are to pay TLira 151 million ($98.0m; €77.93m; £53.2m) for TGRT, a national, general interest TV station currently owned by Turkish conglomerate Ilhas Yahin Holdings and a number of individual shareholders.

The deal is likely to trigger a fresh attempt to liberalize the nation's media ownership laws. Currently these forbid any single foreign investor from owning more than 25% of a media company. Ertegun, however, is a Turkish citizen and will hold the station's licence.