3:11 AM
By Seda Sezer and Birsen Altayli
ISTANBUL | Wed Jan 5, 2011 5:37am EST
ISTANBUL (Reuters) - Time Warner and two U.S. private equity funds are on a shortlist of potential buyers for assets belonging to Dogan Yayin , Turkey's biggest media group, sources familiar with the deal said on Wednesday.
Dogan Yayin is also preparing to sell its flagship Hurriyet daily newspaper separately, another source close to the process told Reuters, adding investment bank Goldman Sachs will invite initial bids by February1.
The starting price for the assets on sale, other than Hurriyet, was expected to be $1.6-$1.8 billion, and U.S. private equity funds KKR and TPG were among the shortlisted bidders, sources said.
A Dogan Yayin official declined to comment on plans for Hurriyet's sale.
Dogan Yayin, embroiled in a legal battle against crippling tax fines, said last month that while it was selling media units, it would not withdraw from the sector entirely.
Hurriyet shares jumped 11 percent to 2.06 lira at 0930 GMT, with Dogan Yayin shares up 3.5 percent to 2.06 lira and parent company Dogan Holding up 1.8 percent at 1.15 lira.
In October, Dogan Holding sold its controlling stake in fuel retailer Petrol Ofisi to Austrian group OMV, its joint venture partner, for 1 billion euros ($1.3 billion).
(Editing by Louise Heavens and Dan Lalor)
($1 = 0.7530 euro)
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