Dogan Yayin Holdings Company Profile - Available at

Dogan Yayin Holding
Company Profile
August 2009
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Table of Contents
Group profile .................................................................................................................................................. 5

Newspaper Publishing.................................................................................................................................. 12
Magazine and book publishing .................................................................................................................... 18
Television Broadcasting ............................................................................................................................... 21
Online media ................................................................................................................................................ 24
Other media operations ............................................................................................................................... 25
Non-media operations ................................................................................................................................. 27
Page 3
Table of Figures
FIGURE 1. DOGAN YAYIN HOLDING, SUMMARY FINANCIALS ......................................................................................... 5

FIGURE 2. DOGAN YAYIN HOLDING, KEY DEVELOPMENTS............................................................................................. 6
FIGURE 3. DOGAN YAYIN HOLDING, KEY ACTIVITIES.................................................................................................... 7
FIGURE 4. DOGAN YAYIN HOLDING, BASIC FINANCIAL INFORMATION............................................................................. 8
FIGURE 5. DOGAN YAYIN HOLDING, REVENUE BY SEGMENT ......................................................................................... 9
FIGURE 6. DOGAN YAYIN HOLDING, KEY TRANSACTIONS ............................................................................................ 10
FIGURE 7. DOGAN YAYIN HOLDING, KEY MANAGEMENT ........................................................................................... 11
FIGURE 8. DOGAN YAYIN HOLDING, SHAREHOLDING STRUCTURE ................................................................................ 11
FIGURE 9. DOGAN YAYIN HOLDING, NEWSPAPER TITLES............................................................................................ 12
FIGURE 10. HURRIYET GAZETECILIK, INTERNATIONAL OPERATIONS ................................................................................ 12
FIGURE 11. HURRIYET GAZETECILIK, HURRIYET NEWSPAPER SUPPLEMENTS..................................................................... 13
FIGURE 12. DOGAN GAZETECILIK, MILLIYET NEWSPAPER SUPPLEMENTS......................................................................... 13
FIGURE 13. DOGAN YAYIN HOLDING, NEWSPAPER CIRCULATION BY TITLE (2003 – 08) .................................................... 14
FIGURE 14. HURRIYET GAZETECILIK, SUMMARY FINANCIALS (2004 – 08)....................................................................... 14
FIGURE 15. HURRIYET GAZETECILIK, REVENUE SEGEMENTATION (2004 – 08) ................................................................. 15
FIGURE 16. DOGAN GAZETECILIK, SUMMARY FINANCIALS (2004 – 07) ......................................................................... 16
FIGURE 17. DOGAN GAZETECILIK, REVENUE BY NEWSPAPER TITLE (2004 – 07) ............................................................... 16
FIGURE 18. DOGAN GAZETECILIK, REVENUE SEGMENTATION (2004 – 07) ..................................................................... 17
FIGURE 19. DOGAN BURDA, MAGAZINE TITLES ......................................................................................................... 18
FIGURE 20. DOGAN BURDA, MAGAZINE CIRCULATION ................................................................................................ 18
FIGURE 21. DOGAN BURDA, SUMMARY FINANCIALS (2006 – 08)................................................................................. 19
FIGURE 22. DOGAN BURDA, REVENUE SEGMENTATION (2006 – 08) ............................................................................ 19
FIGURE 23. DOGAN BURDA, KEY MANAGEMENT ........................................................................................................ 20
FIGURE 24. DOGAN TV GROUP, TELEVISION CHANNELS .............................................................................................. 21
FIGURE 25. DOGAN TV GROUP, TELEVISION CHANNEL AUDIENCE SHARE ........................................................................ 21
FIGURE 26. DOGAN TV GROUP, KANAL D ROMANIA (AUDIENCE SHARE) ....................................................................... 22
FIGURE 27. DOGAN YAYIN HOLDING, D-SMART PACKAGE OFFERING.............................................................................. 22
FIGURE 28. DOGAN YAYIN HOLDING, D-SMART SUBSCRIBER BASE (2007 - 08) ............................................................... 23
FIGURE 29. DOGAN YAYIN HOLDING, RADIO CHANNELS .............................................................................................. 23
FIGURE 30. DOGAN YAYIN HOLDING, PRODUCTION SUBSIDIARIES ................................................................................. 23
FIGURE 31. DOGAN YAYIN HOLDING, WEBSITES ........................................................................................................ 24
FIGURE 32. DOGAN TELEKOM, TELECOM SERVICES .................................................................................................... 27
Page 4
Group profile
Dogan Yayin Holding is a Turkish diversified media company that primarily operates in newspaper
publishing and television broadcasting. It is a subsidiary of Dogan Group, which operates in a range
of sectors including energy, tourism, industry, trade and financial services. Dogan Yayin Holding’s
other activities include magazine and book publishing, printing, radio broadcasting, content
production and digital services. The company principally operates in Turkey but also has a presence
in Russia, Croatia, Romania and Hungary. It operates through subsidiaries including Hurriyet
Gazetecilik, Dogan Gazetecilik and Dogan Burda, among others. It has a partnership with Time
Warner and Universal Group in its music recording business.
Dogan Yayin Holding is listed on the Istanbul Stock Exchange. Hurriyet Invest BV, a 60%-owned
subsidiary, is also listed on the same stock exchange.
The company generated total revenue of TRY 2.9 billion and net profit of TRY 45 million in 2008.
In November 2008, Axel Springer, a German publishing company, agreed to acquire a 10% stake in
Dogan Media Holding for €47 million. According to the agreement, Axel Springer will sell its 5.1%
stake in Dogan TV Group to Dogan Yayin Holding for €77 million.
Figure 1. Dogan Yayin Holding, Summary financials
TRY (million) 2004 2005 2006 2007 2008
Revenue 1,402 1,712 2,110 2,559 2,880

% Change 22.1 23.2 21.3 12.5
EBIT* 126 124 117 64 -40

% Change -1.6 -5.6 -45.3 -162.5
EBITDA 209 206 214 222 174

% Change -1.4 3.9 3.7 -21.6
Net Profit 59 9 -23 45 -348

% Change -84.7 -355.6 -295.7 -873.3
Key Ratios (%)

EBITDA ratio 14.9 12.0 10.1 8.7 6.0
Net Profit ratio 4.2 0.5 -1.1 1.8 -12.1
Source: Annual reports. * adjusted for amortised cost valuation income, TME Impairment
Page 5
Figure 2. Dogan Yayin Holding, Key developments
2008
November Entered into an agreement with Axel Springer, a German publishing company, through which Axel
Springer would acquire a 10% stake in Dogan Media Holding for €47 million. According to the
agreement, Axel Springer will sell its 5.1% stake in Dogan TV Group to Dogan Yayin Holding for €77
million.
June Sold its 100% stake in Poland’s Trader.com (Polska) Sp. Z.o.o to Agora SA, a Polish media
company, for TRY 66,508 million (US$54.3 million).
March Acquired a 40.16% stake in Bagimsiz Gazeteciler Yayincilik A.S. for TRY 8,534 million (US$7.2
million), through its Dogan Gazetecilik A.S. subsidiary. Bagimsiz Gazeteciler Yayincilik A.S operates
the Vatan newspaper.
2007
November Entered into a 50-50 joint venture with Seat Pagine Gialle S.p.A. Seat will acquire 50% of Katalog
Yayin ve Tanitim Hizmetleri, a subsidiary of Dogan Yayin Holding, for TRY 8.9 million. Katalog Yayin
ve Tanitim Hizmetleri publishes directories in Turkey.
July Launched 2 channels, TNT and Cartoon Network, through a joint venture partnership agreement with
Turner Broadcasting Systems Europe in Turkey.
June Signed an agreement with ZDF Television, a German broadcaster, to broadcast newscasts on Euro
D and Euro Star channels. Euro D and Euro Star are broadcast in Europe for a Turkish audience.
April Acquired a 67.3% stake in Trader Media East, an advertising company in Russia, through its Hurriyet
Gazetecilik subsidiary for US$336.5 million.
Launched hurriyetoto.com, a web portal for the automobile sector.
January Entered into an agreement through Dogan TV with NDS, a subsidiary of News Corporation.
According to the agreement, NDS will offer free-to-air and premium content without a monthly
subscription through its technologies, including NDS VideoGuard conditional access, MediaHighway
middleware and an electronic programme guide.
Entered into an agreement with Ringier AG to sell a 25% stake in its Kanal D Romania channel.
Launched hangiotel.com, which provides search services for hotels in Turkey.
2006
November Sold a 25% stake in Dogan TV Radyo Yayin Yapim ve Haber Ajansi A.S., a wholly owned subsidiary,
to Dreiundvierzigste Media Vermogengsverwaltungsgesellschaft mbH, a wholly owned subsidiary of
Axel Springer AG, for €375 million.
Page 6
Activities
Dogan Yayin Holding is active in all media sectors. It operates in newspaper publishing through 2
subsidiaries (Hurriyet Gazetecilik and Dogan Gazetecilik) and in television broadcasting through
Dogan TV Group, which has operations in Turkey and abroad. The company has a joint venture with
Burda Group for magazine and book publishing.
Figure 3. Dogan Yayin Holding, Key Activities
Activities Description
Newspaper Publishing Titles include Hurriyet, TME Newspapers, Iz Ruk v Ruki, Expressz, Oglasnik,
Referans, Turkish Daily News, Milliyet, Radikal, Posta and Fanatik.
Television Broadcasting Channels include national channels (Kanal D, Star TV, CNN Turk) and interactive
channels (FIX TV and Home Shopping).
Digital TV Channels include D-Smart thematic channels: Dream TV, Dream Turk TV,
Fenerbahce TV, Bestiktas TV, Galatasaray TV, D Max, D Yesilcam, D Plus, D Cocuk,
D Sport, T.A.Y TV, Emlak TV, Movie Smart, Movie Smart 2 and Comedy Smart.
Radio Broadcasting Stations include Radyo D, CNN Turk Radyo and Slow Turk Radyo Moda.
TV & Music Production D Productions, Kanal D Home Video and DMC.
News Agency DHA.
Magazine and Book Publishing Dogan Burda Dergi, Dogan Egmont, and Dogan Kitap and Directories.
Internet Websites include hurriyet.com.tr, milliyet.com.tr, yenibiris.com, insankaynaklari.com,
hurriyetemlak.com, emlak.milliyet.com, hurriyet-oto.com, arabam.milliyet.com.tr,
sendeyolla.com, blog.milliyet.com.tr, milliyet internet tv, anneyiz.biz.com and TME
websites (nekretnine.hr, auti.hr.ru, job.ru, expressz.hu, mojedelo.com, oglasnik.hr and
posao.hr).
Digital Services Dogan Platform, Dogan Telekom and Smile ADSL.
Distribution and Retailing Yaysat (Dogan Dagitim), Dergi Pazarlama Planlama, D&R and Smile Holding.
Printing Dogan Printing Center (DPC) and Dogan Ofset.

International (Europe) DMG International, Hurriyet Invest BV, Kanal D Romania, Euro D and Euro Star.
Other Activities Dogan Dis Ticaret (foreign trade), Dogan Factoring, Birpa Musteri Hizmetleri (call
centre) and Dogan Deutsche Mortgage.
Page 7
Financials
Dogan Yayin Holding generated revenue of TRY 2.9 billion in 2008, an annual increase of 13%.
Revenue grew at a CAGR of 19.7% in 2004-2008. The company generates approximately 55% of its
total revenue from publishing business, of which 62% is from advertising. Broadcasting, retail and
other activities contribute 26%, 18% and 4% of total revenue, respectively. The broadcasting
business grew the quickest in 2004-2008, at a CAGR of 27%.
Figure 4. Dogan Yayin Holding, Basic Financial Information
TRY (million) 2004 2005 2006 2007 2008
Revenue 1,402 1,712 2,110 2,559 2,880

% Change 22.1 23.2 21.3 12.5
EBIT* 126 124 117 64 -40

% Change -1.6 -5.6 -45.3 -162.5
EBITDA 209 206 214 222 174

% Change -1.4 3.9 3.7 -21.6
Net Profit 59 9 -23 45 -348

% Change -84.7 -355.6 -295.7 -873.3
Key Ratios (%)

EBITDA ratio 14.9 12.0 10.1 8.7 6.0
Net Profit ratio 4.2 0.5 -1.1 1.8 -12.1
Source: Annual reports * adjusted for amortised cost valuation income, TME Impairment
Page 8
Figure 5. Dogan Yayin Holding, Revenue by Segment
TRY (million) 2004 2005 2006 2007 2008 CAGR (%)
Advertising 418 510 570 843 974 23.6

Circulation 210 208 230 322 338 12.6
Distribution 212 155 95 176 215 0.4
Other 749 809 953 1,008 1,077 9.5
Intra-segment elimination -556 -598 -704 -882 -1023 16.5
Publishing 1,034 1,083 1,144 1,466 1,581 11.2
% Change 4.7 5.6 28.1 7.8
Advertising 271 323 509 672 665 25.2

Other 290 143 528 947 1,315 45.9
Intra-segment elimination 271 -120 -467 915 1,217 45.6
Broadcasting 290 346 570 704 762 27.3
% Change 19.3 64.7 23.5 8.2
Revenue 355 471 575 27.3

Intra-segment elimination -3.0 -37.0 -101.0
Retail 352 433 573
% Change 16.7 16.9 19.9
Revenue 152 397 204 89 119

Intra-segment elimination 4 12 -14 -6 -6
Other 148 385 192 83 112
% Change 160.1 -50.1 -56.8 34.9
Total 1,402 1,712 2,110 2,559 2,880 19.7

% Change 22.1 23.2 21.3 12.5
Segment Contribution (%)

Publishing 73.8 63.3 54.2 57.3 54.9
Broadcasting 20.7 20.2 27.0 27.5 26.5
Retail 1.4 17.6
Other 10.6 22.5 9.1 3.2 3.9
Source: Annual reports
Page 9
Figure 6. Dogan Yayin Holding, Key transactions
Terms
Date Type Sector Description
(millions)
2008
November Disinvestment Publishing €47 Entered into an agreement whereby Axel Springer,
a German publishing company, would acquire a
10% stake in Dogan Media Holding for €47 million.
November Acquisition Broadcasting €77 Entered into an agreement to acquire a 5.1%
stake in Dogan TV Group from Axel Springer.
June Disinvestment Online Media TRY 66, Sold its 100% stake in Poland’s Trader.com
508 (Polska) Sp. Z.o.o to Agora SA, a Polish media
company.
March Acquisition Publishing TRY 8,534 Acquired a 40.16% stake in Bagimsiz Gazeteciler
Yayincilik A.S through Dogan Gazetecilik A.S., a
subsidiary. Bagimsiz Gazeteciler Yayincilik A.S.
operates the Vatan newspaper.
2007
November Joint Venture Directory TRY 8.9 Entered into a 50-50 joint venture with Seat
Publishing Pagine Gialle S.p.A. to sell 50% of Katalog Yayin
ve Tanitim Hizmetleri, a subsidiary that operates in
directory publishing.
April Acquisition Publishing US$336.5 Acquired a 67.3% stake in Trader Media East, an
advertising company in Russia, through its Hurriyet
Gazetecilik subsidiary.
January Disinvestment Broadcasting N.D Entered into an agreement with Ringier AG to sell
a 25% stake in its Kanal D Romania channel.
2006
November Disinvestment Broadcasting €375 Sold a 25% stake in Dogan TV Radyo Yayin
Yapim ve Haber Ajansi A.S., a subsidiary, to
Dreiundvierzigste Media
Vermogengsverwaltungsgesellschaft mbH, a
wholly owned subsidiary of Axel Springer AG.
Page 10
Management and ownership
Figure 7. Dogan Yayin Holding, Key Management
Name Designation
Aydin Dogan Chairman

Mehmet Ali Yalcindag CEO; Vice Chairman
Soner Gedik Vice President (Finance)
Ertugrul Ozkok Vice President
Hanzade V. Boyner Dogan Vice President
Begumhan Dogan Faralyali Vice President
Figure 8. Dogan Yayin Holding, Shareholding Structure
Shareholder Shareholding (%)
Dogan Sirketler Grubu Holding A.S. 63.0

Free Float 34.0
Dogan Family 2.3
Aydin Dogan Foundation 0.7
Total 100
Source: Company website
Page 11
Newspaper Publishing
Dogan Yayin Holding primarily operates in newspaper publishing. It publishes 7 national titles
through 2 subsidiaries, Hurriyet Gazetecilik and Dogan Gazetecilik. Hurriyet Gazetecilik publishes the
Hurriyet and Referans newspapers while Dogan Gazetecilik publishes the company’s other 5 titles.
The company’s flagship newspaper is Hurriyet, which holds a market share of approximately 11%.
Hurriyet Gazetecilik’s publications hold an 11% market share and Dogan Gazetecilik’s hold a 27%
market share (2008). The company also publishes Iz Ruk v Ruki, a daily classified ads newspaper
circulated in Russia and Eastern Europe.
Figure 9. Dogan Yayin Holding, Newspaper Titles
Title Online version Description
A daily newspaper published since 1948 with a market

Hurriyet hurriyet.com.tr
share of 11%.
Referans referansgaetesi.com.tr A daily business newspaper launched in 2004.
An English general newspaper published since 2000. It

Turkish Daily News turkishdailynews.com.tr
offers special reports, interviews and political analysis.
Milliyet milliyet.com.tr A daily general newspaper.
A general newspaper published since 1996. It is mostly

read by educated youths and young adults. Its
Radikal radikal.com.tr supplements include Radikal Iki, Radikal Bulmaca,
Radikal Cumartesi, Radikal Kitap, Radikal Once Saglik,
Radikal Genc and Radikal Ekran.
A daily newspaper offering a range of supplements
including Pazar Postasi, Posta Alisveris, Posta Ege,
Posta posta.com.tr Dolce, Yap Yakistir, Orgu Dantel and Maxi Bulmaca. It
also offers a weekly magazine focusing on shopping,
fashion and love.
A daily sports newspaper that focuses on four soccer
Fanatik fanatik.com.tr clubs in Turkey. It offers Iddaa, Horce Rece, Fanatik
2nd League and Fanatik Basket supplements.
Figure 10. Hurriyet Gazetecilik, International Operations
Online
Operation Description
version
A daily classified ads newspaper circulated in Russia and Eastern

Iz Ruk v Ruki irr.ru
Europe.
Publishes daily ads publications and 4 weekly magazines in the
Expressz expressz.hu
Hungarian classified ads market.
A Croatian classifieds publishing company with 5 weekly
Oglasnik oglasnik.hr
publications listing 320,000 ads a month.
Page 12
Figure 11. Hurriyet Gazetecilik, Hurriyet Newspaper Supplements
Title Description
Kelebek A lifestyle newspaper focusing on fashion and women's interests.

Hurriyet IK A jobs supplement.
Hurriyet Cuma A lifestyle supplement distributed on Fridays with Turkish Daily.
Hurriyet Pazar Provides news, interviews, autobiographies and debates.
Focuses on lifestyle, news, interviews and commentaries on fashion, music,
Hurriyet Cumartesi books, pets, motherhood, kids, women, sexuality, autobiographies and outdoor
activities.
Seyahat Offers columns and pictures of holiday options inside and outside of Turkey.
Oto Yasam A free newspaper that focuses on the automobile sector.
A tabloid that offers information on movies, culture and arts. It is circulated in the
Cumartesi Keyif
Istanbul and Ankara regions.
Pazar Keyif A tabloid distributed nationally featuring content on movies, culture and arts.
e.yasam IT industry news distributed twice a month on Fridays.
Trendy A youth supplement.
Look A monthly fashion supplement.
Emlakyasam Focuses on the real estate market in Istanbul.
Figure 12. Dogan Gazetecilik, Milliyet Newspaper Supplements
Title Description
A daily women’s supplement with celebrity news and interviews, health,

Café Milliyet
television, topical news, city guides, movies, astrology and puzzles.
Milliyet IK Offers content on HR issues.
Milliyet Emlak A free supplement based on the real estate market, distributed on Saturdays.
Circulated on the last Tuesday of every month and focuses on the automobile
Millyet Otomobil
sector.
Milliyet Televizyon Offers TV content and ratings information.
Super Taktik Sports supplement distributed on Tuesdays and Fridays.
OKS ve OSS Pozi tif An educational supplement offering study guides for students.
Weekend supplements featuring fashion, personal care, hotspots and
Milliyet Cumartesi-Pazar
literature and arts news.
Mico A children's publication.
Bulmaca Offers crosswords and puzzles every Saturday and Sunday.
Milliyet Sanat Focuses on arts and culture, distributed on a monthly basis.
Page 13
Figure 13. Dogan Yayin Holding, Newspaper Circulation by title (2003 – 08)
%
Daily circulation ('000s) 2003 2004 2005 2006 2007 2008 Change
(07/08)
Hurriyet Group
Hurriyet 460 496 520 544 571 519 -9.1
Referans 8 8 9 13 13 14 7.7
Daily news 4 4 4 4 4 6 50.0
Total for Hurriyet Group 472 508 533 560 588 539 -1%
Dogan Gazetecilik
Posta 441 535 641 636 635 632 -0.5
Fanatik 225 252 260 241 230 233 1.3
Milliyet 273 259 261 281 233 227 -2.6
Radikal 45 45 40 36 36 43 19.4
Vatan 207
Total for Dogan Gazetecilik 984 1,091 1,202 1,194 1,134 1,342 18.3%
Financials
Hurriyet Gazetecilik generated revenue of TRY 998 million in 2008, an annual increase of 11%.
Revenue grew at a CAGR of 20.5% in 2004-2008. Advertising accounts for approximately 67% of the
company’s total revenue (2008).
Figure 14. Hurriyet Gazetecilik, Summary financials (2004 – 08)
TRY (million) 2004 2005 2006 2007 2008 CAGR (%)
Revenues 474 585 632 898 998 20.5

% Change 23.4 8.0 42.1 11.1
EBITDA 137 161 146 202 210 11.3

% Change 17.5 -9.3 38.4 4.0
Net Profit 27 87 104 94.2 -38.1

%Change 222.2 19.5 -9.4 -140.4
Key Ratios (%)

EBITDA margin 28.9 27.5 23.1 22.5 21.0 -7.6
Net Profit margin 5.7 14.9 16.5 10.5 -3.8
Page 14
Figure 15. Hurriyet Gazetecilik, Revenue segementation (2004 – 08)
TRY (million) 2004 2005 2006 2007 2008 CAGR (%)
Advertising 265 331 374 594 667 26.0

% Change 24.9 13.0 58.8 12.3
Online 8 33 45 137.2
% Change 312.5 36.4
Circulation 73 72 81 108 110 10.8

% Change -1.4 12.5 33.3 1.9
Printing 103 111 118 126 120 3.9

% Change 7.8 6.3 6.8 -4.8
Other 32 72 51 37 56 15.0
% Change 125.0 -29.2 -27.5 51.4
Total 473 586 632 898 998 20.5

Advertising 56.0 56.5 59.2 66.1 66.8
Online 0.0 0.0 1.3 3.7 4.5
Circulation 15.4 12.3 12.8 12.0 11.0
Printing 21.8 18.9 18.7 14.0 12.0
Other 6.8 12.3 8.1 4.1 5.6
Dogan Gazetecilik generated revenue of TRY 297 million in 2007, an annual increase of 6%. Revenue
grew at a CAGR of 9% in 2004-2007. Advertising and circulation contribute approximately 57% and
36% of total revenue, respectively (2007). Milliyet, the company’s flagship daily title, generates the
largest share of revenue, with TRY 77.6 million from advertisement and TRY 25.9 million from
circulation (2007).
Page 15
Figure 16. Dogan Gazetecilik, Summary financials (2004 – 07)
TRY (million) 2004 2005 2006 2007 CAGR (%)
Revenue 228.5 262.5 281.2 296.9 9.1

% Change 14.9 7.1 5.6
EBIT 14.3 10.0 0.7 10.7 -9.2

% Change -30.1 -93.0 1,428.6
EBITDA 19.8 15.1 5.6 14.9 -9.0

% Change -23.7 -62.9 166.1
Net Profit 7.5 6.7 -1 8.8 5.5

% Change -10.7 -114.9 -980.0
Key Ratios (%)

EBITDA margin 8.7 5.8 2.0 5.0 -16.6
Net Profit margin 3.3 2.6 -0.4 3.0 -3.3
Figure 17. Dogan Gazetecilik, Revenue by newspaper title (2004 – 07)
TRY (million) 2004 2005 2006 2007 CAGR (%)
Milliyet 68.5 74.3 77.4 76.6 3.8

Posta 36.2 47.7 54 67.4 23.0
Radikal 11.7 13.5 13.2 13.5 4.9
Fanatik 4.8 6.4 6.7 8.7 21.9
European sales (Milliyet & Fanatik) 1.7 1.8 1.9 5.7
Total advertisement 121.8 143.7 153.1 168.1 11.3
Milliyet 29.8 26.2 30.9 25.9

Posta 42.4 47.4 52.4 53.3 7.9
Radikal 5.3 4.9 4.5 4.9
Fanatik 19.5 20.2 21.7 21.5 3.3
European sales (Milliyet & Fanatik) 3.1 2.8 2.3
Total circulation 97 101.8 112.3 107.9 3.6
Page 16
Figure 18. Dogan Gazetecilik, Revenue segmentation (2004 – 07)
TRY (million) 2004 2005 2006 2007 CAGR (%)
Circulation 97.2 101.7 112.3 107.9 3.5

% Change 4.6 10.4 -3.9
Advertisement 121.8 143.7 153.2 168.1 11.3

% Change 18.0 6.6 9.7
Internet 2.3 5.2 14.2 148.5

% Change 126.1 173.1
Other 9.5 14.8 10.5 6.6

% Change 55.8 -29.1 -37.1
Total 228.5 262.5 281.2 296.9 9.1

Circulation 42.5 38.7 39.9 36.3
Advertisement 53.3 54.7 54.5 56.6
Internet 0.0 0.9 1.8 4.8
Other 4.2 5.6 3.7 2.2
Page 17
Magazine and book publishing
Dogan Burda Dergi

Dogan Burda Dergi was founded in 2000 through a joint venture between Burda Group and Dogan
Yayin Holding. It includes the operations of Burda RCCS International Holding GmbH, German Burda
GmbH and Italian Rizzoli Corriera Della Sera. It publishes 27 periodicals and 25 seasonal magazines,
including 6 weeklies and 21 monthlies. 9 of its published magazines are licence-based. Dogan Burda
Dergi has a 39% share of the magazine market.
Dogan Egmont
Dogan Egmont was formed in 1996 through a joint venture between Dogan Yayin Holding and
Egmont International Holding. It publishes books for children and teenagers and holds the licence to
publish the books and magazines of Walt Disney, Warner Bros, Mattel, Nickelodeon, Dami and
Harper Collins. On average it publishes 20 magazines and 15 books monthly and has approximately
a 46% share of the children’s book publishing market.
Dogan Kitap
Dogan Kitap has published around 100 books in the last 5 years. It offers its publications in D&R,
Megavizyon, supermarkets and chain stores.
Figure 19. Dogan Burda, Magazine Titles
Genre Titles
Burda, Elele, Elle, Seda, Formsante, Seninle, Elle Décor,

Women, health and decoration
Maison Francaise, Evim and Diyet.
Economy, news and law Ekonomist, Capital and Guncel Hukuk.
People, youth, travel and lifestyle Hello!, Hafta Sonu, Istanbul Life, Atlas, Heygirl and BlueJean.
IT and computers Chip and PC Net.
Lezzet, EvBahce, Yacht, AutoShow, Tempo, Tempo24 and
Hobbies, cooking and special interest
Level.
Figure 20. Dogan Burda, Magazine Circulation
Net Circulation (millions) 2005 2006 2007 2008
Dogan Burda 10.8 12.6 8.5 8.1

% Change 16.7 -32.5 -4.7
Page 18
Financials
Dogan Burda generated total revenue of TRY 86.4 million in 2008, an annual increase of 6%.
Revenue grew at a CAGR of 5.4% in 2006-2008. Net profit reached TRY 6.7 million in 2008.
Approximately 60% of revenue is from advertising and the remainder from circulation.
Figure 21. Dogan Burda, Summary financials (2006 – 08)
TRY (million) 2006 2007 2008 CAGR (%)
Revenue 77.8 81.6 86.4 5.4

% Change 4.9 5.9
EBITDA 1.7 9.5 9.2 132.6

% Change 458.8 -3.2
Net Profit 0.3 5.3 6.7 372.6

% Change 1,666.7 26.4
Key ratios (%)

EBITDA margin 2.2 11.6 10.6 120.8
Net Profit margin 0.4 6.5 7.8 348.4
Figure 22. Dogan Burda, Revenue segmentation (2006 – 08)
TRY (millions) 2006 2007 2008 CAGR (%)
Advertising 42.7 48.3 51.4 9.7

% Change 13.1 6.4
Circulation 33.8 29 31.3

% Change -14.2 7.9
Other 1.3 4.2 3.6 66.4

% Change 223.1 -14.3
Total 77.8 81.5 86.3 5.3

Advertising 54.9 59.3 59.6
Circulation 43.4 35.6 36.3
Other 1.7 5.2 4.2
Page 19
Figure 23. Dogan Burda, Key management
Name Designation
Mehmet Y. Yilmaz President; CEO

A. Didem CFO
Page 20
Television Broadcasting
The company operates in television broadcasting through Dogan TV Group. Kanal D is the most
popular channel in Turkey with a prime time audience share of 18% (2008). It is also broadcast in
Romania. The group holds a prime time audience share of 26% and a whole day share of 22%
(2008).
Figure 24. Dogan TV Group, Television channels
Channel Description
Kanal D A general entertainment channel.

Star TV A national channel, broadcasts movies and events.
CNN Turk A news channel formed in a joint venture with Time Warner.
Offers a call-TV format with melody services, chat applications, horoscope
Fix TV shows and quiz shows. It is broadcast through both Turk Satellite and D-
Smart.
Her Eve Lazim A teleshopping channel produced and broadcast by Dogan Teleshopping.
Figure 25. Dogan TV Group, Television channel audience share
Prime Time % Change Total Day % Change

Audience Share (%)
2007 2008 (YoY) 2007 2008 (YoY)
Kanal D 17.3 18.2 5.4 14.2 14.0 -1.4

Star TV 10.7 8.0 -25.4 9.4 8.0 -14.9
DTVR Total 28.0 26.2 -6.4 23.6 22.0 -6.8
Other players
Show TV 14.8 15.3 3.4 11.9 11.4 -4.0
ATV 12.4 10.1 -18.5 10.4 8.9 -14.3
Fox 4.6 6.8 49.9 4.7 8.0 68.3
Others 40.2 41.5 3.3 49.4 49.7 0.7
Total 100 100 100 100
Page 21
Figure 26. Dogan TV Group, Kanal D Romania (Audience Share)
Period Prime Time (%) Whole Day (%)
December 07 3.2 3
January 08 4 4.5
February 08 4.5 4.8
March 08 6.4 5.6
April 08 5.2 4.7
May 08 5.3 4.6
June 08 4.7 3.9
July 08 4.8 3.8
August 08 4.3 3.6
September 08 4.5 4.1
October 08 4.5 4.6
November 08 5.5 5.5
December 08 4.7 5.1
Digital TV Broadcasting (D-Smart)
Dogan Yayin Holding produces and operates DTH services (D-Smart) and digital channels. D-Smart
has the largest subscriber base in Turkey with approximately 918,000 activated subscribers (Q4
2008). It broadcasts 100 national and foreign channels as well as special and radio channels.
Figure 27. Dogan Yayin Holding, D-Smart package offering
Services Description
A DTH service operated by Dogan TV Holding. It offers 100 national and foreign
D-Smart
channels, special channels and radio.
Dream TV An entertainment and music channel that mainly offers foreign music.
Dream Turk TV Broadcasts music videos and live performances.
Galatasaray TV Offers news on Galatasaray Football Club's activities.
D Max A general entertainment channel.
Fenerbahce TV A sports channel that broadcasts Fenerbahce football matches.
Besiktas TV A sports channel.
D Yesilcam A movie channel that broadcasts black-and-white movies.
D Plus A thematic channel on culture and arts.
D Cocuk A children's channel.
A sports channel that holds broadcasting rights for Turkish 2nd Soccer League-
D Sport League A games, Turkish Women's and Men's 1st Volleyball Leagues and Turkish
horseback riding competitions.
Broadcasts live horse races and developments from the hippodrome, racing
T.A.Y. TV
programmes, and horsemanship documentaries and films.
Emlak TV Home living and real estate channel.
Movie Smart 2 Broadcasts movies featured in theatres.
Features comedy series including Coupling, My Wife and Kids, The Boss and
Comedy Smart
Manchild.
Page 22
Figure 28. Dogan Yayin Holding, D-Smart subscriber base (2007 - 08)
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
('000) 2007 2007 2007 2007 2008 2008 2008 2008
D-Smart users (Activation) 7 61 181 390 510 612 801 918

% Change 771.4 196.7 115.5 30.8 20.0 30.9 14.6
Radio Broadcasting
Dogan Yayin Holding operates 3 radio channels and one radio station. Radyo Moda, a national radio
station, broadcasts 12 channels.
Figure 29. Dogan Yayin Holding, Radio Channels
Channel Description
Radyo D Broadcasts Turkish pop music and holds a 4% share of the radio ads market.
Formed through a joint venture between Dogan Media Group and Time Warner. It is a
CNN Turk Radyo
news station available on 92.3 MHz in Istanbul.
Slow Turk Broadcasts love songs on 95.3 MHz in Istanbul and Ankara.
Radyo Moda A national station that broadcasts 12 channels.
Broadcasting Content Production
The company produces broadcasting content for all its operating subsidiaries and third parties. It
produces television programmes, advertisements, DVDs and music recordings, among many other
activities.
Figure 30. Dogan Yayin Holding, Production Subsidiaries
Operating Company Description
Produces television programmes, movies, commercials and videos. It also

D Productions
operates in content distribution.
Kanal D Home Video Produces DVDs of released films (approximately 20 a month).
Dogan Music Company Operates in music recording and digital music sales.
Page 23
Online media
Dogan Yayin Holding operates 20 websites across a range of subject areas including academic, auto,
news, careers, classified ads, jobs and the real estate market at national and international levels. It
also offers online versions of all its publications.
Figure 31. Dogan Yayin Holding, Websites
Website Description
Online version of the Hurriyet newspaper featuring a movie and TV guide,

hurriyet.com.tr
access to all supplements, a video channel and classified ads.
Online version of the Milliyet newspaper with Internet TV, blogs,
milliyet.com.tr
commentaries and games.
Yenibiris.com.tr Offers online HR services.
insankaynaklari.com Offers academic content in 31 categories under 6 titles.
hurriyetemlak.com A real estate portal with approximately 1.5 million pages and 500,000 ads.
emlak.milliyet.com.tr A real estate portal with approximately 720,000 ads.
hurriyetoto.com A web portal on the automobile sector.
arabam.milliyet.com.tr Offers trading of automobiles.
sendeyolla.com A blog featuring news stories, photos and videos uploaded by members.
blog.milliyet.com.tr A blog web portal.
milliyet internet TV Broadcasts videos of news stories from the Milliyet newspaper.
A women’s website offering content on pregnancy, education, family, and
anneyiz.biz
many other related topics.
nekretnine.hr Focuses on the real estate market in Croatia.
auti.hr A car ads website in Croatia.
irr.ru Online version of Iz Ruk v Ruki, a daily classified ads publication in Russia.
job.ru A Russian job portal.
Expressz.hu A Hungarian classified ads website.
mojedelo.com A career website in Slovenia.
oglasnik.hr A classified ads website in Croatia.
posao.hr A career and jobs website in Croatia.
Page 24
Other media operations
News and photography agency

Dogan Haber Ajansi, a wholly owned subsidiary, operates in news reporting and photography and
audiovisual news. It provides news publishing and broadcasting services to Dogan Yayin Holding's
newspapers, TV channels, websites and radio stations and to other local and foreign organisations.
On average it produces 6,000 written stories, 11,000 pictures and 4,500 TV stories a month.
Yellow Pages
Katalog Yayin ve Tanitim Hizmetleri A.S., a subsidiary, publishes both print and online versions of
yellow pages directories under the Altin Sayfalar brand name. It also has a 50-50 joint venture with
Seat Pagine Gialle S.p.A, a directory publisher, which publishes directories in all formats (print, online
and voice).
Printing
Dogan Yayin Holding provides printing services through 2 units: Dogan Ofset (offers printing services
to Dogan companies and third parties) and Dogan Printing Center (operates all Dogan printing).
Media distribution services
Yaysat
Yaysat distributes newspapers and magazines nationally. It distributes 25 national and 20 regional
newspapers, 46 weekly magazines, 17 bi-weekly magazines, 344 monthly magazines, 293 quarterly
or annual publications and 535 foreign publications, including 22 newspapers.
DPP
DPP is a joint venture between Burda Magazines International and Yaysat. It operates in distribution
management, circulation planning and marketing and distribution services. It distributes around 7
million periodicals a month, directly to sales points. It also distributes content published by third
parties. The company’s portfolio includes 611 Turkish and 387 foreign magazines and newspapers.
It distributes approximately 6.5 million copies of magazine titles sold through 1,328 chain stores
operated by 38 different companies.
International media operations
The company manages its international operations through Dogan Media International. Dogan
Media International coordinates the group’s activities in Europe (particularly in Germany), and offers
Page 25
European editions of Hurriyet, Milliyet and Fanatik newspapers and European broadcast of Euro D
and Euro Star TV channels.
The company holds a 60% stake in Trader Media East, which operates in ad publications in real
estate, automotive and HR through daily and weekly newspapers, magazines and websites. Trader
Media East operates 23 brands and publishes approximately 250 periodicals and 14 websites. The
company is present in 9 countries, including the publication of the Iz Ruk v Ruki ad newspaper in
Russia, Oglasnik in Croatia, Expressz in Hungary and Avito in Ukraine. Dogan Media Group also
broadcasts Kanal D in Romania as part of its international portfolio.
Page 26
Non-media operations
Telecoms
The group operates in the telecom sector through Dogan Telekom, a wholly owned subsidiary.
Dogan Telekom offers PSTN, voice, data and video services. It operates Smile ADSL for VoIP and
WiMax services.
Figure 32. Dogan Telekom, Telecom Services
Service Description
Individual/Corporate Voice Services IP telephone, PSTN, IP telephone/switchboard.

Corporate Voice Services Hotel, call shop and switchboard solutions.
Individual Voice Services SmileTalk and interface.
Termination, origination, wholesaling, co-branding, virtual network operator
Wholesale Voice Services
and carriers carrier.
Smile ADSL, corporate Internet access, private virtual network, ADSL/SDSL
Data Access Internet/VPN, point-to-point, ADSL/SDSL access, mobile access (GPRS),
VPDN, WLAN, and Wimax.
Hosting Co-location hosting and system management.
Firewall management, IDS/IPS, controlled web access, secure remote access,
Security Services
SME security solutions, digital certificate and security consultancy services.
AntiVirus/AntiSpam service, POP3 e-mailbox service, safe POP3 e-mailbox
Messaging
and mail backup.
Multimedia Services IP camera, video conferencing and streaming.
Site/Campus Solutions Data communications and voice communications.
Mobile Content Services Games, videos and related content.
Retail Services
D&R
D&R retails cultural and entertainment products including books, films, magazines, multimedia
products, electronics, games and hobby items in 84 stores in 16 cities.
Smile Holding
Smile Holding operates through 3 subsidiaries: Smile Dagitim A.S. (operates a retail chain for
entertainment, Internet, media and services related to financial products), Smile Tedarik A.S. and
Smile Pratik A.S. (offers payment and collection of bills through its digital counters at operators’
sites).
Page 27
Business services
The company is engaged in other activities through direct or indirect subsidiaries. It operates Birpa,
a multi-functional call centre founded in 1999 that offers a range of services such as real-time
monitoring, service management, recruitment and training, and statistics. Through Dogan Dis
Ticaret Mum A.S, the company operates in the import of raw materials and promotional items for
Dogan Group companies. Dogan Factoring, another subsidiary, collects advertising revenues and
other commercial receivables for the Dogan Media Group.
Page 28
For information and analysis on the global media industry, visit G2Mi.com.
Published by:
Heernet Ventures Limited
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Group profile .................................................................................................................................................. 5

FIGURE 1. DOGAN YAYIN HOLDING, SUMMARY FINANCIALS ......................................................................................... 5

Figure 1. Dogan Yayin Holding, Summary financials

TRY (million) 2004 2005 2006 2007 2008

Revenue 1,402 1,712 2,110 2,559 2,880

EBIT* 126 124 117 64 -40

EBITDA 209 206 214 222 174

Net Profit 59 9 -23 45 -348

Key Ratios (%)

Figure 2. Dogan Yayin Holding, Key developments

Figure 3. Dogan Yayin Holding, Key Activities

Printing Dogan Printing Center (DPC) and Dogan Ofset.

Figure 4. Dogan Yayin Holding, Basic Financial Information

TRY (million) 2004 2005 2006 2007 2008

Revenue 1,402 1,712 2,110 2,559 2,880

EBIT* 126 124 117 64 -40

EBITDA 209 206 214 222 174

Net Profit 59 9 -23 45 -348

Key Ratios (%)

Figure 5. Dogan Yayin Holding, Revenue by Segment

TRY (million) 2004 2005 2006 2007 2008 CAGR (%)

Advertising 418 510 570 843 974 23.6

Advertising 271 323 509 672 665 25.2

Revenue 355 471 575 27.3

Revenue 152 397 204 89 119

Total 1,402 1,712 2,110 2,559 2,880 19.7

Segment Contribution (%)

Source: Annual reports

Figure 6. Dogan Yayin Holding, Key transactions

Source: Annual reports

Management and ownership

Figure 7. Dogan Yayin Holding, Key Management

Aydin Dogan Chairman

Figure 8. Dogan Yayin Holding, Shareholding Structure

Shareholder Shareholding (%)

Dogan Sirketler Grubu Holding A.S. 63.0

Source: Company website

Figure 9. Dogan Yayin Holding, Newspaper Titles

Title Online version Description

A daily newspaper published since 1948 with a market

Referans referansgaetesi.com.tr A daily business newspaper launched in 2004.

An English general newspaper published since 2000. It

Milliyet milliyet.com.tr A daily general newspaper.

A general newspaper published since 1996. It is mostly

Figure 10. Hurriyet Gazetecilik, International Operations

A daily classified ads newspaper circulated in Russia and Eastern

Figure 11. Hurriyet Gazetecilik, Hurriyet Newspaper Supplements

Kelebek A lifestyle newspaper focusing on fashion and women's interests.

Figure 12. Dogan Gazetecilik, Milliyet Newspaper Supplements

A daily women’s supplement with celebrity news and interviews, health,

Figure 14. Hurriyet Gazetecilik, Summary financials (2004 – 08)

TRY (million) 2004 2005 2006 2007 2008 CAGR (%)

Revenues 474 585 632 898 998 20.5

EBITDA 137 161 146 202 210 11.3

Net Profit 27 87 104 94.2 -38.1

Key Ratios (%)

Source: Annual reports

Figure 15. Hurriyet Gazetecilik, Revenue segementation (2004 – 08)