Discovery Communications Inc. will buy the CNBC-e TV channel in Turkey as it sets up a new strategic operation with billionaire Ferit Sahenk’s Dogus Holding AS.
Discovery, based in Silver Spring, will continue to air the existing schedule and keep its staff until the acquisition is approved by authorities, expected by the end of the year, it said in a statement on Thursday. Istanbul-based Dogus media group will manage Discovery’s advertising operations in Turkey starting in September under the partnership deal, it said. Financial details of the sale weren’t disclosed.
“Our expanded relationship with Dogus, including ad sales representation, and new investments such as the acquisition of the CNBC-e channel, will see us reach the next level in Turkey,” Kasia Kieli, head of Discovery Networks for central and eastern Europe, the Middle East and Africa, said in the statement. The purchase of CNBC-e from Dogus brings the number of Turkish TV channels operated by Discovery to 13.
Discovery, which on July 22 agreed to buy the Eurosports channel from TF1 Group for 491 million euros ($537 million), appointed Sissian Margos as chief executive officer for the newly established Discovery Networks Turkiye, according to the statement.
Dogus is planning to let its 15-year licensing agreement to operate CNBC-e, a hybrid business and entertainment channel, expire this year, people with knowledge of the talks said in January. CNBC-e competes with BloombergHT, a partnership between Bloomberg LP and Ciner Holding, in business and financial television news in Turkey.