Time Warner Unit Closes TNT Operations in Turkey

Time Warner TWX unit Turner Broadcasting System Inc. has closed its TNT television operations in Turkey after the company missed its performance and growth targets. According to Bloomberg, Turner will continue to operate the Cartoon Network and the CNN Turk news channel in the country. The TNT channel was launched in 2008 in Turkey as a network for films and was relaunched last year a general entertainment channel. Other companies that have invested in the Turkish market include News Corp. NWSA and Axel Springer AG. Bloomberg reports that the Turkish advertising market was up 20 percent last year and that around 57 percent of the $2.4 billion spent were for television commercials. According to Bloomberg sources, Time Warner is seeking to purchase the ATV news channel in Turkey and placed a binding bid along with Dubai-based Abraaj Capital Ltd.