Doğan Holding

Doğan Holding, formally Doğan Şirketler Grubu Holding A.Ş., is a Turkish investment and operating group headquartered in Istanbul. It is associated with the business interests established by entrepreneur Aydın Doğan and has developed from an initially automotive-focused enterprise into a diversified holding structure with activities across energy, electricity generation, industrial manufacturing, trade, mining, automotive distribution, financial services, real estate, internet businesses, publishing, and entertainment. The group’s portfolio has changed substantially over time as it has entered and exited sectors, sold assets, formed joint ventures, and redirected capital toward businesses with longer-term growth potential. The group’s origins date to 1959, while its first company was established in the automotive sector in 1961. Doğan reorganized its businesses under a holding-company structure in 1980. During the following decades, the group expanded into newspapers, magazines, television, radio, printing, distribution, petroleum, banking, insurance, industrial production, and property development. Its media operations became particularly prominent in Turkey through businesses associated with Doğan Yayın Holding, including Hürriyet, Milliyet, Posta, Kanal D, CNN Türk, D-Smart, and several entertainment and radio channels. Much of this media portfolio was sold to Demirören Holding in 2018, marking a major change in the group’s identity and investment profile. Doğan Holding’s current activities are organized around a broad set of businesses rather than a single consumer-facing product brand. Its energy portfolio includes electricity generation and renewable-energy investments through companies such as Galata Wind, Sunflower Solar, and Aslancık Elektrik. Industrial and trading interests include Karel, Daiichi, Sesa Ambalaj, Maksipak, Doğan Dış Ticaret, Kelkit Besi, and Doğan Air. Mining activities include Gümüştaş Mining and Doku Mining. The automotive business is represented by Doğan Trend Otomotiv, which distributes and markets selected automotive and mobility products. Financial and investment operations include Doğan Investment Bank, Hepiyi Sigorta, Öncü Girişim Sermayesi Yatırım Ortaklığı, and Doruk Faktoring. The group also retains interests in internet, publishing, audio, and entertainment businesses, including Kanal D Romania, Doğan Yayınları, hepsiemlak.com, and Slow Türk. Real-estate and hospitality-related assets and investments have included Trump Towers Istanbul, Trump Shopping Center, Milta Bodrum Marina, and DoubleTree by Hilton Bodrum Marina Vista. These businesses give the group exposure to commercial property, tourism, digital services, and content-related activities while reducing dependence on the traditional newspaper and television assets that once defined it. A further part of the Doğan ecosystem is its social-impact work, particularly through the Aydın Doğan Foundation. The foundation supports education, equal opportunity for girls, culture, arts, sports, communications training, and initiatives addressing violence against women. Doğan Holding and affiliated foundations have supported projects such as the Aydın Doğan International Cartoon Competition, the Aydın Doğan Young Communicators Competition, Empowered Girls, Empowered Future, school-support programs, the Shared Values Initiative, and women’s safety and economic-participation projects. The group’s overall positioning is therefore that of a diversified Turkish investment holding company combining commercial portfolio management with family-linked philanthropic and social initiatives. Because its portfolio has undergone repeated divestments and additions, individual subsidiaries and ownership percentages should be checked against current company disclosures.

Doğan Holding traces its origins to Aydın Doğan’s business activity in Turkey. The group identifies 1959 as its founding year and established its first company in the automotive sector in 1961. In 1976, Otokar entered the group and was later transferred out in 1999. Newspaper publishing became an important area of expansion when Milliyet joined in 1979. The businesses were reorganized under a formal holding-company structure in 1980, allowing the group to coordinate investments across sectors and manage a growing collection of operating companies. During the 1980s and 1990s, Doğan Holding expanded beyond automotive and newspapers. Milpa was acquired in 1984, Ditaş joined the group in 1990, and Alternatif Bank was founded in 1991. Dış Bank entered the portfolio in 1994, while Çelik Halat became associated with the group in 1997. Doğan Yayın Holding was established in 1997 to organize newspaper, magazine, book, radio, television, production, printing, distribution, retail, digital-media, and alternative-telecommunications activities. In 1998, Doğan Holding formed Doğan Burda with Germany’s Hubert Burda Media. The group entered the petroleum sector through its acquisition of Petrol Ofisi in 2000. It also expanded its media footprint through the acquisition of Star TV in 2005 and the launch of D-Smart in 2007. In the same period, Doğan became a partner in the Boyabat hydroelectric project. Vatan newspaper joined the group in 2008. These moves made Doğan one of Turkey’s most visible media and diversified-business groups, with substantial exposure to newspapers, television, radio, digital services, energy, petroleum, and financial services. The 2010s brought a major cycle of disposals and restructuring. Doğan sold its Petrol Ofisi stake to Austria’s OMV in 2010 and sold Milliyet and Vatan to Demirören Holding in 2011. It also sold shares in Ray Sigorta to Vienna Insurance Group and TBIH Financial Services Group. In 2013, Doğan Music acquired the Idefix and Prefix brands. Doğan Yayın Holding ceased to exist as a separate company in 2014 following its merger with Doğan Holding. The group completed the sale of Alternatif Bank in 2016. In 2018, most of the remaining major media assets were sold to Demirören Holding. The transaction included Hürriyet, Milliyet, Posta, Fanatik, Vatan, CNN Türk, Kanal D, Cartoon Network, Dream TV, Dream Türk, teve2, Boomerang, associated radio channels, and D-Smart. D&R, together with Idefix and Prefix, was also sold to Turkuvaz Media Group. This divestment fundamentally shifted Doğan Holding away from its historic mass-media identity and toward industrial, energy, financial, automotive, real-estate, and investment businesses. The subsequent portfolio strategy emphasized industrial and growth investments. SESA Packaging was acquired in 2020. Profil Industry, PRS, 3S Kalıp, Maksipak Packaging, Karel, and Daiichi joined the group in 2022. Aytemiz was sold to Tatneft in 2023, while Milpa was sold to Re-Pie Portfolio Management in the same year. In 2024, Doğan Holding sold its remaining interest in DMC to Believe International and sold Doğan Burda to Re-Pie Portfolio Management Group. In 2025, the group completed the transfer of its Ditaş shares to BDY Group, sold its Boyabat HES interests, and sold 360 Health to Medila GSYF under APY Ventures. Alongside commercial operations, the Aydın Doğan Foundation has supported education, equal opportunities for girls, culture, arts, sports, journalism training, and women’s rights. Its initiatives include the international cartoon competition founded in 1983, the Young Communicators Competition, Empowered Girls, Empowered Future, school-support programs, the Shared Values Initiative, and responses to gender-based violence and earthquake-related needs. The group’s present profile is best understood as a Turkish diversified holding company whose portfolio is actively reshaped through acquisitions, partnerships, and divestments.

1. 2025Ditaş and 360 Health divested

   The group completed the transfer of Ditaş shares to BDY Group and sold 360 Health to Medila GSYF.

   Source
2. 2024DMC and Doğan Burda divested

   Doğan Holding sold its remaining DMC stake to Believe International and sold Doğan Burda to Re-Pie.

   Source
3. 2022Industrial portfolio expanded

   Several companies, including Karel, Daiichi, Maksipak Packaging, and other industrial businesses, joined the portfolio.

   Source
4. 2020SESA Packaging acquired

   The group expanded its industrial and packaging activities through the acquisition of SESA Packaging.

   Source
5. 2018Major media divestment

   Most of the group’s major media assets were sold to Demirören Holding, while D&R and related brands were sold to Turkuvaz Media Group.

   Source
6. 2014Doğan Yayın Holding merged into Doğan Holding

   The separate publishing and broadcasting holding structure ended through a merger with Doğan Holding.

   Source
7. 2010Petrol Ofisi stake sold to OMV

   Doğan sold its Petrol Ofisi stake to Austria’s OMV.

   Source
8. 2007D-Smart begins operations

   Doğan launched the D-Smart digital television platform and also became a partner in Boyabat HES.

   Source
9. 2000Petrol Ofisi acquired

   The group entered a major petroleum investment through the purchase of Petrol Ofisi.

   Source
10. 1997Doğan Yayın Holding established

    The group created a structure for its publishing, broadcasting, production, printing, distribution, and digital-media activities.

    Source
11. 1983Aydın Doğan International Cartoon Competition launched

    The foundation launched an international competition that later attracted artists from many countries.

    Source
12. 1980Holding-company reorganization

    The businesses were reorganized under a holding-company structure.

    Source
13. 1979Milliyet joins the group

    Milliyet became part of the expanding Doğan business portfolio.

    Source
14. 1961First automotive company established

    The group established its first company in the automotive sector.

    Source
15. 1959Doğan business group founded

    Aydın Doğan established the business organization that later developed into Doğan Holding.

    Source

Diversified investment holding company focused on portfolio diversification, operating-company growth, strategic divestments, and social-impact initiatives in Turkey.

• Galata WindElectricity generation

  A Doğan Holding energy business focused on electricity generation, including renewable-energy assets. It represents the group’s shift toward power generation and sustainability-oriented investments after the disposal of much of its traditional media portfolio.

• Doğan Trend OtomotivAutomotive trade and marketing

  The group’s automotive and mobility platform, responsible for the trade, distribution, and marketing of selected vehicle and mobility brands and products in Turkey. It continues the group’s original connection with the automotive sector while operating as a modern distribution and retail-oriented business.

• Doğan Investment BankFinancial services

  A banking business within the financial and investment portfolio. It extends Doğan Holding’s activities into corporate finance, banking services, and capital-related solutions, complementing its insurance, factoring, and venture-investment interests.

• Hepiyi SigortaInsurance

  An insurance platform associated with Doğan Holding’s financial-services portfolio. Its inclusion gives the group exposure to insurance distribution and risk-protection products alongside banking and other financial activities.

• Gümüştaş MiningMining

  A mining company in the group’s natural-resources portfolio. Together with Doku Mining, it gives Doğan Holding exposure to mineral exploration, extraction, and related industrial supply chains.

• SESA AmbalajPackaging2020

  A packaging business acquired in 2020 and used to strengthen Doğan Holding’s industrial and manufacturing platform. It sits alongside Maksipak and other portfolio companies serving industrial and commercial customers.

• hepsiemlak.comInternet and real-estate platform

  A digital real-estate marketplace and internet business associated with Doğan Holding. It connects the group’s technology and media heritage with property listings and online real-estate services.

• Milta Bodrum MarinaReal estate and hospitality

  A marina and hospitality-related asset in Bodrum, forming part of Doğan Holding’s property, tourism, and leisure interests. The group’s real-estate portfolio has also included hotel and commercial-property assets.

• Doğan YayınlarıPublishing

  The group’s publishing business, representing its continuing presence in books and content after the divestment of most of its newspaper and television holdings. It is part of the broader internet and entertainment portfolio.

• 2023Purple Campus support

  Turkey

  Following the February 2023 earthquakes, the Aydın Doğan Foundation supported Purple Campus facilities intended to assist women affected by the disaster or at risk of violence, including a facility in Hatay’s Nardüzü container area.

  Outcome. The supported facilities provided services and staffing intended to help women cope with post-disaster risks and trauma.

  Source
• 2020Anatolia Awards

  Turkey

  Doğan Holding began supporting the Anatolia Awards, an initiative associated with the Baksı Culture and Art Foundation that recognizes cultural and artistic contributions connected with Anatolia’s shared identity.

  Outcome. Awards are presented to institutions in even years and individuals in odd years.

  Source
• 2018Empowered Girls, Empowered Future

  Turkey

  The Aydın Doğan Foundation supported girls through scholarships, mentoring, training, summer camps, student projects, and conferences organized with international organizations including UNICEF, UN Women, and UNFPA.

  Outcome. The program continued as an education and gender-equality initiative.

  Source
• 2016Shared Values Initiative

  Turkey

  Launched under the leadership of Begüm Doğan Faralyalı, the initiative promoted social reconciliation and sought to increase the contribution of shared civic values to Turkey.

  Outcome. The initiative became part of the group’s social-impact and stakeholder-engagement program.

  Source
• 2010Kelkit Initiative

  Turkey

  Kelkit Besi worked with local farmers to grow feed crops for livestock, supplying production specifications and guaranteeing purchase of the resulting output. The initiative linked agricultural production with the group’s livestock operation and local economic development.

  Outcome. Approximately one million square meters were planted and the reported harvest reached about 4,000 tons.

  Source
• 2007No! To Domestic Violence!

  Turkey

  Doğan Holding launched a broad awareness campaign against domestic violence. Activities included public communication, training for imams and police officers, an emergency helpline, cooperation with women’s organizations, and later projects intended to help victims obtain information and support.

  Outcome. The emergency helpline continued beyond its initial pilot period and was transferred to the Federation of Women Associations in Türkiye in 2014. The campaign also received international attention.

  Source

• 2025Ditaş divestment completedM&A

  Ditaş had been part of the group since 1990, but Doğan Holding continued to streamline selected industrial holdings.

  What changed. The transfer of Doğan Holding’s Ditaş shares to BDY Group was completed.

  Aftermath. Doğan Holding exited its reported Ditaş shareholding.

  Source
• 2024Sale of remaining DMC interestM&A

  Believe International had acquired a 60 percent majority stake in DMC in 2020 and later exercised its option to acquire the remaining interest.

  What changed. Doğan Holding sold its remaining 40 percent stake in DMC to Believe International.

  Aftermath. Doğan Holding completed its exit from the DMC investment.

  Source
• 2020Acquisition of SESA PackagingM&A

  The group sought to expand its industrial and manufacturing portfolio after the media divestment.

  What changed. Doğan Holding acquired SESA Packaging.

  Aftermath. Packaging became a more visible component of the group’s industrial platform, later complemented by Maksipak and other manufacturing investments.

  Source
• 2018Exit from most major media assetsM&A

  Doğan Holding had built one of Turkey’s largest media portfolios, but the group subsequently pursued a major portfolio transformation.

  What changed. It sold most of its media organizations, including major newspapers, television channels, radio operations, and D-Smart, to Demirören Holding. D&R and associated digital brands were sold separately to Turkuvaz Media Group.

  Aftermath. The transaction significantly reduced the group’s exposure to Turkish mass media and accelerated its repositioning toward industrial, energy, financial, automotive, and investment businesses.

  Source

• Tax, privatization, and regulatory allegationsControversy

  The reference material records parliamentary investigation of alleged irregularities related to the Petrol Ofisi privatization, a tax-evasion penalty connected with a share transfer to Axel Springer, and allegations before the Tax Court concerning the bypassing of electronic systems. The available material does not provide a complete procedural history or establish that every allegation resulted in a final adverse judgment.

  Source

• 2025Doğan Holding completes transfer of Ditaş shares

  The transfer of Doğan Holding’s Ditaş shares to BDY Group was completed.

  M&A
  Source
• 2025Doğan Holding sells 360 Health

  360 Health was sold to Medila GSYF under the APY Ventures umbrella.

  M&A
  Source
• 2024Doğan Holding completes sale of its remaining DMC stake

  The group sold its remaining 40 percent interest in DMC to Believe International after Believe had acquired a majority stake in 2020.

  M&A
  Source
• 2024Doğan Burda is sold to Re-Pie Portfolio Management Group

  The magazine publisher founded as a Doğan Holding and Hubert Burda partnership was sold to Re-Pie Portfolio Management Group.

  M&A
  Source
• 2023Doğan Holding sells Milpa

  Milpa, a company acquired by the group in 1984, was sold to Re-Pie Portfolio Management.

  M&A
  Source
• 2022Industrial companies join the Doğan Holding portfolio

  Profil Industry, PRS, 3S Kalıp, Maksipak Packaging, Karel, and Daiichi became associated with the group’s industrial and commercial portfolio.

  M&A
  Source
• 2020Doğan Holding acquires SESA Packaging

  The group expanded its industrial portfolio through the acquisition of SESA Packaging.

  M&A
  Source
• 2018Doğan Holding sells major media assets to Demirören Holding

  A large part of Doğan Holding’s Turkish media portfolio, including newspapers, television channels, radio operations, and D-Smart, was sold to Demirören Holding.

  M&A
  Source

1. Doğan Holding
2. Doğan Holding official website