CanWest Goes to Turkey

Media giant CanWest jumped ahead of the media pack, buying 25% of Super FM, Turkey’s leading national FM radio channel, through a consortium of Turkish investors. CGS Televizyon Ve Radyo Yayinciligi Ticaret Anonim Sirketi (CGS) purchased the radio broadcaster for €27.1 million, according to Reuters.

Turkey restricts foreign ownership of media companies. In the statement released by CanWest, the company would acquire the remaining 75% if those restrictions were lifted. Super FM is a Top-40 popular music station based in Istanbul covering about 45% of the population.

“We see Turkey as a market with considerable potential for CanWest as it moves forward in seeking membership in the European Union and takes important steps domestically to expand the participation of the private sector in the Turkish economy,” said CanWest President and CEO Leonard Asper, in a press statement.

Multi-national media companies raced to enter the new EU Member States, then, when those markets got crowded moved on to countries expected to enter the EU in the “next” round. In March, Morgan Stanley estimated 2005 advertising revenues in Turkey at €1.24 billion, growing at an annual rate of 22%. In June News Outdoor, part of News Corp., purchased 60% of stadium advertising company Kamera Reklams. - Michael Hedges - September 21, 2005

Keywords:radio in Turkey, foreign ownership, Macquarie

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