BeIN Media Group, the sports arm of Al Jazeera, "has signed an agreement to buy Digiturk, Turkey’s biggest pay-television network, in the latest move by the Qatari government to extend its corporate reach," according to Zalewski & Kerr of the FINANCIAL TIMES.
Digiturk, which boasts about 3.5 million subscribers, "is owned by Turkish conglomerate Cukurova Group and Providence Equity Partners, the private equity firm." It has exclusive broadcasting rights for Turkish Football League games until the end of the '16-17 season and "will become part of an expanding portfolio." BeIN "has been moving into new markets in Europe, the Americas and Australia, buying rights to air sporting competitions including the English Premier League and Formula One."
Rejecting global criticism of its hosting of the 2022 FIFA World Cup, Qatar "is pushing ahead with investments abroad." Less susceptible than its regional peers to the slump in oil prices, the country "has been using its formidable financial firepower to snap up assets from corporate blue-chips to sporting franchises." Financial details of the sale "have not been disclosed" but local media estimated that it was between $1B-$1.5B. The deal "remains subject to approval from regulatory bodies" (FT, 7/14).
INVESTING IN SPAIN: MEED's Wil Crisp reported Spain’s biggest retailer, El Corte Ingles, announced that former Qatari PM Sheikh Hamad bin Jassim bin Jabr al-Thani "had bought" a 10% stake in the company in a deal worth €1B ($1.1B).
Qatari investment in one of Spain’s largest employers "may well bring more benefits than just simple financial gains."
The billion-euro injection from a senior member of Qatar’s ruling family "is likely to help increase Qatari influence within Spain and could even temper opposition to Qatar hosting the World Cup in 2022." Sheikh Hamad’s investment comes two weeks after it was revealed that that the Spanish Football League (LFP) is "mounting a legal challenge" to Qatar hosting the 2022 FIFA World Cup (MEED, 7/14).
