Digiturk, Turkey’s largest digital television broadcaster, plans to raise as much as $550 million (E386m) in an IPO of 25 per cent of its business.

The company is controlled by Istanbul conglomerate Cukurova and Providence Equity Partners. The pair are selling down their holding from 100 to 75 per cent. The Turkish media sector is experiencing a boom as the country’s strong economic performance drives up advertising revenues. Last year Turkish companies spent 3.7 billion lira (E2.1bn) on advertising, a 23 per cent jump from 2005.

In the six months to June Digiturk derived 73 per cent of its revenues from subscription fees and 19 per cent from advertising and sponsorship. Founded in 1999, Digiturk broadcasts 151 Turkish and international channels, 99 of which are exclusive to the provider, and has 1.77 million subscribers.

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