The Turkish Competition Authority (RK) approved the sale of 50 percent of Turkish newspaper and media group Star Media on Thursday after weeks of acquisition talks with the State Oil Company of Azerbaijan Republic (SOCAR).
The Azeri oil giant earlier said the talks on the purchase of the Star daily and Kanal 24 television, two subsidiaries of one of Turkey's largest media outlets, were positive. Star Media Group partner and chairman of the Rixos chain of luxury hotels Fettah Tamince earlier told Turkish media that his future stake in Star Media "was not yet clear."
Star Media is owned by Tamince and Tevhit Karakaya and was purchased by Tamince from Ethem Sancak in 2009. The Star daily was founded in 1999 and later purchased by Turkish Cypriot businessman Ali Özmen Safa in 2006.