Turkish court cancels Doğan's nearly TL 700 mln tax bill

The Council of State recently cheered the holding with another decision when it cancelled a TL 1.04 billion bill a few days ago.

Turkish court cancels Doğan's nearly TL 700 mln tax bill

World Bulletin / News Desk

The Council of State has nullified a TL 679.8 million bill issued to Turkey's largest media group, Doğan Yayın Holding (DYH), calculated on unpaid taxes in 2006, the holding said on Thursday.

In a statement released on the İstanbul Stock Exchange's (İMKB) Public Disclosure Forum (KAP), the DYH said the top court had found the holding justified in its appeal against the tax office decision. The Council of State recently cheered the holding with another decision when it cancelled a TL 1.04 billion bill a few days ago.

Faced with daunting tax bills in the past two years, DYH decided to sell all of its media assets, including the Hürriyet, Milliyet and Radikal dailies and the Posta tabloid; the Kanal D, Star and CNN Türk television stations; and a number of magazines. News of the planned sale of the media group's affiliates met with notable interest among Turkish and foreign investors.

According to the latest information available, Turkey's Yıldız Holding A.Ş. partnering with American private equity fund Kohlberg Kravis Roberts & Co. L.P. and TPG Capital, another US private equity firm, and Time Warner Inc. are shortlisted in the massive media assets sale.

Last Mod: 18 Şubat 2011, 17:45
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