Due to the recent news coverage and comments seeking clarity, we find it necessary to issue a statement about the tender payment in our acquisition of ATV–Sabah Financial and Commercial organization and the transfer of the media group’s rights and properties to Turkuvaz A.Ş.
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ATV-Sabah Media Group Looks to the Future |
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Due to the recent news coverage and comments seeking clarity, we find it necessary to issue a statement about the tender payment in our acquisition of ATV–Sabah Financial and Commercial organization and the transfer of the media group’s rights and properties to Turkuvaz A.Ş.
“Turkuvaz Radio and Television Journalism and Publication Company completed the tender transaction on Tuesday, April 22, 2008, with a USD 1.1 billion cash payment.”
Because of differing accounts in the media surrounding the payment of USD 500 million along with the USD 750 million loan from Vakıfbank and Halkbank, we would like to provide further clarification.
Two separate banks provided a loan for the USD 750 million of the USD 1.1 billion tender price. Owning a 25% share in Turkuvaz Radio and Television Journalism and Publication Company, our Qatar media partner transferred to Turkuvaz A.Ş. USD 125 million in equities related to the partnership while Çalık Holding transferred USD 375 million from its equity holdings. Hence, Turkuvaz A.Ş. obtained USD 500 million in equity capital from two of its partners.
As a result of this capital structure, Turkuvaz Media Group notably has the highest paid capital of all media groups in Turkey.
Briefly, the tender price was USD 1.1 billion. However, with the USD 150 million of floating capital provided in cash by its partners, Turkuvaz A.Ş invested a total of USD 1.25 billion: a USD 750 million loan from Vakıfbank and Halkbank; and USD 375 million and USD 125 million from our partners Çalık Holding and the Qatar media corporation, respectively.
Furthermore, we would like to respond to the interest expressed in the Qatar media corporation, Al Wasaeel International Media Company, an affiliated partner of the Qatar Investment Authority (QIA: Katar Yatırım İdaresi), and now one of our partners owning a 25% share in Turkuvaz A.Ş. Al Wasaeel International Media Company was founded by the Qatar Investment Authority to conduct business activities, especially in the media sector. We firmly believe this partnership will contribute not only to both parties but also to Turkey’s economy and media sector.
We would also like to that the notifications to Radio & Television Supreme Council (RTUK) and any other related authorities shall be filed within the legal time frames.
ATV-Sabah media group’s publications, broadcast stations and organizations now look to the future with greater confidence under the management of Turkuvaz A.Ş., promising more value to its shareholders and primarily to its employees and millions of supporters as we proceed down the path where our brands will be even more admired and appreciated.
We respectfully submit this statement to the media and the public to reiterate our wish that Turkey, the media sector and all our employees benefit from this acquisition.
Turkuvaz Radyo Televizyon Gazetecilik ve Yayıncılık A.Ş.
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