Turkey's one of major media groups Doğan Holding agreed with Germany's Commerz Film GMBH, an Axel Springer company, to sell at least 9.1 percent of its shares in Doğan Yayın Holding for 47 million Euros, companies announced on Thursday.

Doğan Yayın Holding publishes some of Turkey's leading newspapers such as Hürriyet, Milliyet and Posta. It is a majority shareholder in the magazine company Doğan-Burda and in the television and broadcasting company Doğan TV Holding A.Ş. (Doğan TV).

Axel Springer holds 25 percent of shares in Doğan TV.

Doğan Yayın plans a capital increase, in which Axel Springer will not participate. After completion of the capital increase, Axel Springer will acquire shares in Doğan Yayın from Doğan Holding, representing up to 9.8 percent.

Doğan Yayın also agreed with Axel Springer to repurchase 5.1 percent of its shares in Doğan TV, it said in a statement sent to İstanbul Stock Exchange.

The price of the acquisition amounts to 77 million Euros, it said.

Following the share transfer, Doğan Yayın will own 79.64 percent and Commerz Film will hold 19.87 percent of shares in Doğan TV.

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