German media giant Axel Springer has said it will pull all its investments out of major Turkish media group Doğan TV after news that it will be sold to Demirören for $1.1 billion.
"The company still maintains a 7-percent stake in the Doğan TV holding company, but there is a clear intention and relevant arrangements to completely pull out," Springer said on Thursday in Berlin.
Doğan TV announced on Thursday it was carrying out talks to arrange a sale to the family-run Demirören group.
Springer had previously said it would gradually give up its shares in Doğan.
Axel Springer SE is one Europe's largest media houses and has held shares in Doğan since 2007.