The first question of the 24th Assize Court concerning the media business:

Why did you continue investing money in the media business when you were losing money?

Let me explain with an example so that the matter can be fully understood:

When the total amount of money spent is subtracted from the value of the goods, the gain is called the profit.

For example: If you buy a house with a 4-year installment plan, the monthly payments you make are not regarded as a loss. Whether you have made a profit or not will be clear when the amount paid in installments is subtracted from the value of the house at that time.

You can figure out the value of the house by looking at the houses sold in the same area and comparing their size.

What determines the value in the media business is the ratings. That is:

In February 2011, Cine5 TV was sold to a foreign broadcast group, Al Jazirah for 40.5 million USD with a rating of 0.4 %.

In November 2011, with a rating of 6.7, the ownership of Star TV’sbrand and broadcasting rights changed hands.

In May 2013, Show TV with a rating of 5.61 was sold to theCiner Group for 402 million USD by the TMSF.

In November 2013, TV8 with a rating of 0.88 was sold for 70 million USD.

In November 2013, the rating of Kanalturkwas 1.94.

As a result, it can be clearly seen that the market value of Kanalturk, which is a TV station and a national radio station, is 150 million USD based on the valuations above, and that when the value of Bugun TV,theBugun and Millet newspapers are added to this, the total value of the group will be at least 250 million USD.

Between 2010 and 2014, in 5 years the capital increase raised by the Ipek Media Group was 110,203,338 USD. We saw an increase of 140 million USD in value. This is the profit.

After the appointment of the trustees to the companies, when the impartial organisation was turned into adiscriminatory and biased organisation, the value of the group was zeroed. If TVstations lose their impartiality, their ratings and their value will fall.