The Turkish distributor released an official statement to communicate that its “day-to-day operations” will continue “as usual” during the one-year period the company has to transfer its shares to a single entity or a new owner.
One of the leading Turkish-content distributors in the world, MADD Entertainment, has released an official statement after the recent resolution by the Turkish Competition Authority’s ruling that will force the company, created by the partnership of reknown producers Ay Yapim and Med Yapim, to “be transferred either to an independent purchaser or entirely to one of its shareholders.”
We share the statement released today (December 11th) by MADD:
Dear Partner,
We would like to inform you that the Turkish Competition Authority has recently completed its investigation concerning certain sector-wide practices in the Turkish series production and distribution market. The process has been finalized through the commitment mechanism, under which the shareholders of MA Distribution Televizyon ve Filmcilik A.Ş. (“MADD”) agreed to certain changes regarding their future shareholding of the company. This commitment provides that MADD will, in due course, be transferred either to an independent purchaser or entirely to one of its shareholders.
This is a shareholder-level requirement and does not affect MADD’s day-to-day operations. MADD continues to operate as usual and will remain fully active throughout this period. All content currently licensed and distributed by MADD will continue to be handled in the same manner, and all existing commercial relationships will proceed without interruption.
During the transition period, MADD will operate with an independent management structure and on an arm’s length basis with its shareholders while carrying out all its business as usual.
We would like to reassure you that this development does not require any action on your side and does not impact existing or future agreements. Your usual contacts at MADD remain unchanged and all work continues as planned.
Warmest Regards,
MADD ENTERTAINMENT
