TURKEY TO FREE UP FOREIGN OWNERSHIP OF BROADCASTERS
January 15th 2008 03:11
Turkey will free up its media sector, allowing foreigners to own up to 50 percent of broadcasters instead of the current 25 percent, according to a draft law prepared by media watchdog RTUK which was obtained by Reuters.
There are no limits on foreign ownership of papers.
The current law was an obstacle in last December's sale of media firm ATV-Sabah, bankers and analysts said.
After several foreign companies showed interest, the company was sold to local conglomerate Calik Holding for the minimum auction price of $US1.1 billion.
Now foreign firms or individuals will be allowed to own up to 50 percent in one broadcaster and up to 25 per cent in a second. Foreigners will only be allowed to have partnerships in two radio or television firms.
The second largest company is ATV-Sabah, which is made up of assets seized by a state body from the Ciner Group last year.
Third largest is the media business of unlisted conglomerate Cukurova.
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