Turkish media owner Demiroren in $1.4bln restructuring talks -source

Demiroren was unable to book profits from its 2018 purchase of daily Hurriyet, broadcaster CNN Turk and other assets

  

ISTANBUL- Demiroren Holding, Turkey's largest media owner, is in discussions with lenders to restructure up to $1.4 billion in loans, including funds used to acquire newspapers and TV stations in 2018, a senior banker familiar with the talks said.

The banker, who spoke on condition of anonymity, said that Demiroren, whose holdings including energy, real estate and other assets, aims to restructure one larger loan from Ziraat Bankasi and a smaller one from other private and state banks.

The banker, along with another source, said Demiroren was unable to book profits from its 2018 purchase of daily Hurriyet, broadcaster CNN Turk and other assets from Dogan Holding.

This would make it difficult to agree a restructuring, the banker told Reuters on Tuesday.

Ziraat, Turkey's largest bank, declined to comment.

A Demiroren spokesperson did not immediately respond to a Reuters request for comment on the restructuring talks, which were earlier reported by Bloomberg.

Dogan was long seen as a pillar of Turkey's secular establishment and its sale of papers and TV and radio stations to pro-government Demiroren shifted Turkey's mainstream media overwhelmingly behind President Tayyip Erdogan.

(Reporting by Ebru Tuncay; Writing by Jonathan Spicer; Editing by Alexander Smith) ((jonathan.spicer@reuters.com; Reuters Messaging: jonathan.spicer.thomsonreuters.com@reuters.net @jonathanspicer))


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