DoIan Holding merges with publishing group

ISTANBUL (CIHAN)- DoIan Holding, the owner of Turkey’s largest media group, has merged with DoIan YayIn Holding, a subsidiary publishing group, according to an announcement on the company’s website on Monday.

DoIan Holding will acquire all of DoIan YayIn’s assets and liabilities as the publishing unit is merged within the company. According to a Bloomberg report on Tuesday, the merger will benefit shareholders, as shares of DoIan Holding rose 8.8 percentage points this morning following news of the agreement. The increase was a four-month high stock shares of DoIan YayIn increased by 11.8 percentage points.

Following the merger, the total market value of both companies stood at TL 2.9 billion — just under $1.4 billion — after yesterday evening’s stock market closures. The market value for DoIan Holding was TL 1.7 billion while DoIan YayIn’s market value was TL 1.24 billion.

Other companies listed on Borsa Istanbul, Turkey’s stock exchange, that operate under the umbrella of the DoIan Holding also fared well on the market, experiencing sharp gains in the value of their stocks.

In the company’s statement, it was announced that investors who did not approve of the merger would have the opportunity to sell shares of either DoIan Holding or DoIan YayIn at fixed rates.

The DoIan Media Group owns many of Turkey’s major media outlets, including the Posta, Hurriyet, Hurriyet Daily News and Radikal newspapers, as well as the DoIan News Agency (DHA) and the Kanal D and CNN Turk television channels.

(CihanToday’s Zaman)