Aug 19 2019

Turkey’s TV8 sold to Kuwait-linked investment fund – report

A&S Investment Holding bought a controlling stake in Turkish television channel TV8, local media reported citing a statement by the company.

The firm, based at Trump Towers in Istanbul, has purchased 57 percent of the channel, news website Gazete Duvar reported at the weekend, referring to a statement by A&S’s legal department. The purchase was made with capital from Middle East investment funds and TV8 will focus on expanding in the region, it said.

A&S focuses on investing in Turkey’s real estate, energy, tourism and media industries, according to its website. The Akkuş family, which runs the company, has historic commercial links with Kuwait. A&S is conduit for funds sourced from the Kuwaiti royal family, according to some Turkish media.

Acun Medya, which owns TV8, is in talks to sell the company and have received serious offers, but no final agreement has been reached, company chairman Acun Ilıcalı said in a statement on Twitter.

A&S is the Turkish partner in Lifetime TV with A + E Media Group of the United States.