Nikkei Business Publications announced today that it is buying 80% of equity and the controlling interest in Turkish media house Mutlu Dergi Grubu A.S. (MDG) who publishes Turkish editions of international brands like Fortune and InStyle. Renamed to NIKKEI-MDG, the new company is said to expand the digital publication portfolio and professional tech news coverage on healthcare and construction.
After the acquisition whose financial details have not been disclosed, Zafer Mutlu, the founder and CEO of MDG, will hold the President and CEO positions whereas Kohei Osada, the President and CEO of Nikkei BP, will join the new company as the Chairman of the Board.
This is the very first time for a Japanese media publisher to acquire a Turkish company. According to rumours, the Japanese giant plans to initially add eight new titles to the portfolio, position its Istanbul office as a springboard to open up to new markets in MENA.
In the official press release, the Japanese company said Turkey has been drawing global attention as a new emerging market where Japanese companies are also expanding their business. Nikkei’s Kohei Osada said that the country has a potential demand for technology news media that we have developed over the years. He added, “NIKKEI-MDG will serve as a platform for expanding our global business approach from Turkey, and we are eager to extend our reach to various fields of business.”
Established in 2003, MDG has signed licensing deals with Time Inc. of the U.S. and other notable publishers, releasing the Turkish editions of many international magazines that include Fortune, InStyle and Martha Stewart Weddings. Following the acquisition, Nikkei BP will seek to succeed in existing businesses as well as invest in and enhance current and upcoming digital projects.
Nikkei BP has 17 websites including Nikkei Business Online and Nikkei Technology Online (Tech On!), The company says the sites has 125 million impressions a month with 11.7 million unique visitors. It also sells e-books and digital mags via Nikkei BP Store.