On September 11, 2025, Turkish authorities launched a dramatic operation that reverberated through the country’s business and media sectors. Prosecutors in Istanbul’s Kucukcekmece district seized control of Can Holding, a sprawling conglomerate with 121 companies under its umbrella, including some of Turkey’s most prominent television channels—Haberturk, Show TV, and Bloomberg HT. The move, reported widely by outlets such as AFP and Turkey’s state-run Anadolu agency, came alongside arrest orders for ten of the conglomerate’s top executives on a raft of serious charges, including fraud, tax evasion, and money laundering.
The early morning raids were swift and high-profile. Police detained three of Can Holding’s most senior figures: Mehmet Sakir Can, Kemal Can, and Kenan Tekdag. According to NTV, Tekdag, who heads Ciner Media Group (acquired by Can Holding in December 2024), had recently been tasked with overseeing all of the conglomerate’s media holdings. The sudden arrests sent shockwaves throughout Turkey’s media landscape, especially since Can Holding had only last year acquired the trio of influential TV channels now at the heart of the probe.
Prosecutors allege that Can Holding was at the center of an organized effort to commit crimes through its network of businesses. In a statement published in Turkish media, they stated they had uncovered evidence that “an organisation was established to commit crimes through companies operating under Can Holding … including fraud, tax evasion … and money laundering.” The Istanbul district’s prosecutors further ordered that the assets of all 121 companies be placed under the administration of the Savings Deposit Insurance Fund of Turkiye (TMSF), a government entity typically tasked with managing assets in such legal situations.
The scope of the seizure was not limited to media. Al Jazeera’s Sinem Koseoglu reported that a private university owned by Can Holding was also placed under state control, underscoring the conglomerate’s reach into education as well as energy and construction. Yet, amid the turmoil, TMSF attempted to calm nerves. The fund assured the public that there would be “no disruption” in the operations of the seized companies. “The channels and the educational institutions being taken over will continue to operate,” the TMSF stated, seeking to reassure employees, students, and the millions who tune in to the affected TV stations.
Still, the takeover has raised eyebrows and concerns about the broader implications for media independence in Turkey. The government’s move comes at a time when its grip on the country’s media has already been tightening, drawing international scrutiny. Reporters Without Borders (RSF) weighed in quickly. Erol Onderoglu, RSF’s representative in Turkey, acknowledged that “the operation targeting Can Holding, the owner of Haberturk & BloombergHT, may have its own justifications. The corruption in the sector is undeniable.” However, he warned, “the process may also serve an environment where control over media ownership is further tightened with the aim of establishing a single voice.”
Such concerns are not new in Turkey, where the government has often been accused of using legal mechanisms to exert greater control over the press. The latest developments, however, have intensified the debate. As the story unfolded, many in the country wondered aloud: Would the editorial independence of Haberturk, Show TV, and Bloomberg HT survive the transition to state-appointed management? Or would the move mark another step toward the homogenization of Turkey’s media landscape?
Adding another layer to the story is Can Holding’s diverse portfolio. The conglomerate is known not only for its recent media acquisitions but also for its significant assets in the energy sector and its educational ventures. According to Bloomberg HT, the company also holds a notable stake in Tekfen Holding, a major player in construction and industry. In a statement to the stock exchange, Tekfen Holding clarified that entities linked to Can Holding collectively own a 17.56 percent stake in Tekfen, but emphasized that “no judicial action had been taken against those shares or Tekfen’s corporate entity” as of September 11, 2025.
The reaction from Can Holding itself was, at least initially, muted. As reported by Anadolu, the company did not immediately respond to requests for comment regarding the allegations or the sweeping seizure of its assets. This silence left many questions hanging in the air, fueling speculation about what might come next for both the conglomerate and the wider Turkish business environment.
The context for this dramatic intervention is a country where the lines between business, media, and politics are often blurred. Over the years, successive Turkish governments have faced criticism for using regulatory and legal tools to rein in media outlets that stray from the official line. The seizure of Can Holding’s media properties—especially Bloomberg HT, which is the country’s main Turkish-language channel focused on business and economic news—has prompted fresh worries about the future of independent reporting in Turkey.
For many observers, the government’s assurances that there will be “no disruption” in the companies’ operations are cold comfort. As RSF’s Onderoglu pointed out, “the corruption in the sector is undeniable,” but the risk is that legitimate anti-corruption efforts can be used as a pretext for consolidating control. “People are curious about what is going to happen, and how those media outlets are going to be operating,” noted Al Jazeera’s Koseoglu, capturing the uncertainty now hanging over the industry.
Meanwhile, the impact of the seizure is being felt far beyond the boardrooms of Can Holding. The conglomerate’s reach into education means that students and faculty at its private university are now under new management, unsure of how the transition will affect them. Employees at the seized companies—whether in media, energy, or education—must now navigate a landscape where their corporate leadership has been replaced by state-appointed administrators.
As the dust settles, one thing is clear: the events of September 11, 2025, mark a major turning point for Turkey’s media and business sectors. The legal process against Can Holding and its executives will play out in the courts, but the broader battle over media independence and government oversight is likely to continue for some time. For now, the country—and its observers abroad—will be watching closely to see whether the government’s promise of continuity will hold, and whether the seized media outlets can maintain their editorial integrity under new stewardship.
The coming months will reveal whether this operation signals a genuine crackdown on corporate malfeasance or another chapter in Turkey’s ongoing struggle over who controls the national conversation.
