Investment theme 5
The "curious case" 5
Flipside of the coin 8
Turkish ad market outlook
remains grim 10
Ad spend to contract sharply in 2009 10
Ad spend by sectors 11
Global advertising sector 17
2009 to be worse than 2008, expect recovery in 2011 17
2001 and 2009: what’s
different in Turkey? 19
Impact on coverage 20
Tax investigations 23
Dogan Yayin under tax bracket 23
Hurriyet 26
Media recession 26
Dogan Yayin Holding 31
Recovery unlikely any time soon 31
Companies Mentioned in this report 35
Disclosure appendix 38
Important disclosures 38
Disclaimer 42