SOCAR buys media group in Turkey
By Nigar Orujova
Azerbaijan's state oil company SOCAR has purchased Turkey's Star Media Group, both companies announced without specifying any price details.
Star Media Group, which comprises Star Newspaper and Kanal 24, is owned by Fettah Tahmince and Tevhit Karakaya.
The Turkish newspaper Hurriyet reported on Wednesday that the 10-day negotiations between Star Media Group and SOCAR Media Public Union ended with the agreement on sale.
Earlier this week, Star Media Group's shareholder Fettah Tamince confirmed discussions about the sale of the media group.
Star daily was founded by the Uzan Group in 1989. The channel started its test broadcasting on May 5, 1990.
The group was transferred to the Savings Deposit Insurance Fund (TMSF) in 2004 over debt. The company was first bought for $8 million by Turkish Cypriot businessman Ali Ozmen Safa in a tender in 2006. Later the group was sold to Ethem Sancak while Tamince became a partner in 2009.
Azerbaijan and SOCAR will be the largest direct investor in Turkey's history with their current and future projects. In December, the company reported that the total investments of the Azerbaijani state energy company in Turkey's economy from 2008 to 2018 will reach $17 billion.
SOCAR is one of the world's most well-established oil companies, active in Turkey since May 30, 2008.
SOCAR Turkey, aims to reduce dependence on foreign production and exports in Turkey by providing high value-added products produced inside the country.
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