Turkey's biggest media group has fallen foul of the authorities incurring a $408m tax fine at a time when its advertising revenues are set to weaken and its parent company wants to use its cash to expand in other sectors. Dogan Yayin, which owns TV channels and daily newspapers disclosed the fine, which is bigger than its current market capitalisation. The group, which plans to appeal, said it had also been ordered to pay back taxes.

The penalty is the latest in a string of regulatory decisions against the media and energy conglomerate, controlled by billionaire Aydin Dogan. Investors worry that the group could be suffering from a public row between Mr Dogan and Recep Tayyip Erdogan, Turkey's prime minister, who last autumn called on his supporters to boycott Dogan publications due to coverage of a corruption scandal.

Other posts by :

1. Rocket Lab confirms D2C ambitions
2. Turkey establishes satellite production ecosystem
3. Italy joins Germany in IRIS2 alternate thoughts
4. Kazakhstan to create museum at Yuri Gagarin launch site
5. AST SpaceMobile gets $42 or $1500 price target
6. Analyst: GEO bloodbath taking place
7. SES AGM results: Appaloosa still objecting
8. SpaceX’s Shotwell worth $1.2bn
9. SpinLaunch’s revolutionary plan for 280 satellites

Categories: Articles, Broadcast, Regulation