The Turkish Competition Authority (RK) late on Thursday approved the sale of two newspapers, Milliyet and Vatan, for $74 million.
With the approval all obstacles have been removed for the two dailies previously owned by Doğan Gazetecilik A.Ş., a subsidiary of Turkey's largest media group, Doğan Yayın Holding (DYH), to be sold to Demirören-Karacan joint venture's DK Gazetecilik ve Yayıncılık A.Ş. In a statement sent to the İstanbul Stock Exchange's (İMKB) Public Disclosure Platform (KAP) on Thursday, Doğan Gazetecilik A.Ş. said, “Preparations for the sale are under way” and that there will be an official statement when the acquisition is formally completed.
According to the most recent figures, Milliyet and Vatan have a daily circulation of 166,000 and 110,000 print copies, respectively. Combined, they hold a 6 percent share of the Turkish newspaper market, where over 30 dailies sell nearly 5 million print copies in total every day.
Following the sale, the Milliyet daily will have returned to its former owner after more than three decades. Aydın Doğan, the chairman of DYH, bought the newspaper from Encüment Karacan in 1979. At the time, 25 percent of the newspaper belonged to Erdoğan Demirören -- the other partner of the Demirören-Karacan joint venture, but he later sold his shares in the paper to Doğan, withdrawing from the sector.