From Print to Pixels: The Billion-Lira Transformation of Big Medya

How does a legacy media titan survive in an era where digital consumption has rendered the printing press a secondary tool? This is the fundamental identity crisis facing modern media houses. For one major Turkish player, the answer is not a gradual decline, but a radical metamorphosis. Doğan Burda, long a household name in Turkish magazine publishing, has effectively vanished. In its place stands “Big Medya Teknoloji,” a firm that has traded its traditional ink-and-paper identity for a digital-first mandate. This analysis decodes the most impactful strategic shifts revealed within the company’s 2025 financial disclosures.

The Billion-Lira Pivot: Assets Moving into the Intangible

The most striking evidence of this corporate rebirth is found in the “Financial Position Statement,” specifically regarding the valuation of the company’s “Intangible Assets” (Maddi Olmayan Duran Varlıklar). In December 2024, these assets were valued at approximately 8.5 million TL. By December 31, 2025, that figure skyrocketed to over 1.13 billion TL.

Crucially, for a proper year-over-year comparison, it must be noted that under the principles of TMS 29 (inflation accounting), the 2024 comparative figures were restated to the purchasing power of December 31, 2025, indexed via the TÜİK Consumer Price Index. Even after this adjustment, the leap is tectonic. The 1,131,794,930 TL in intangible assets is not just “goodwill” from a brand name; in fact, only 8,270,721 TL is classified as Goodwill (Şerefiye). The vast majority—a staggering 1,123,524,209 TL—is classified as “Other Intangible Assets,” representing the capitalization of development costs. The scale of this change was so significant that auditors designated it a “Key Audit Matter.”

“As of December 31, 2025, the net book value of development costs in the Group’s consolidated financial statements is 1,114,644,075 TL, representing 68% of total assets.”

This shift signifies a fundamental move away from physical machinery toward proprietary technology platforms required to distribute and monetize content in a digital ecosystem.

The Strategic Acquisition: The “Wisest” Move

This transformation was catalyzed by a decisive structural event: the merger with Wisest Yazılım A.Ş. According to Note 1 and Note 3, Big Medya absorbed the software entity in its entirety to “increase sectoral diversity and long-term profit potential.” This was not a mere investment; it was a full absorption (devrolma) approved by the Capital Markets Board (SPK) on November 27, 2025.

The merger fundamentally altered the company’s equity structure. The “Merger Effect” (Birleşme Etkisi) resulted in a 1,225,357,660 TL increase in the “Prior Years’ Profits/Losses” line item on the equity table. Purchasing a software house to save a magazine company might seem counter-intuitive, but by acquiring Wisest, the group secured the technical DNA necessary to pivot from the shrinking margins of traditional publishing toward higher-growth technology sectors.

Cleaning the Ledger: The Great Equity Reset

Survival in a hyperinflationary environment requires more than just new assets; it requires “balance sheet simplification.” Analysis of the “Consolidated Statement of Changes in Equity” and Footnote (**) reveals a critical maneuver to satisfy capital adequacy ratios.

On March 11, 2025, the board decided to use internal reserves to wipe the slate clean. The company utilized 473,777,050 TL from “Capital Adjustment Differences” (Sermaye Düzeltme Farkları) and 143,111,433 TL from restricted reserves to offset a massive 616,888,483 TL in past years’ losses. This reset is a crucial survival tactic, allowing the company to present a cleaner financial position better aligned with the regulatory requirements of the SPK and the inflationary realities of the Turkish market.

The Licensing Paradox: Keeping One Foot in the Past

Despite the “Technology” rebrand, Big Medya has not completely abandoned its roots. Note 1 indicates a fascinating paradox: while the name on the door says tech, the product on the shelf remains familiar. The group continues to publish 25 magazines, 14 of which are produced under international license agreements with global prestige brands. The company currently maintains license agreements with the following partners:

• Axel Springer Auto-Verlag GmbH
• Verlag Aenne Burda GmbH & Co.
• Grüner + Jahr International Magazines GmbH
• Hachette Filipacchi Presse S.A.
• Cote Maison
• Hola, S.L.
• Five Monkeys Media
• Immediate Media
• Future Publishing Limited

This creates a strategic tension. The company must balance its new digital “Technology” identity with a legacy business model that still relies on the intellectual property of the world’s largest print publishers.

The Cost of Transformation: High-Stakes Losses

Corporate rebuilds on this scale are rarely profitable in the short term, and the “Profit or Loss Statement” highlights the financial toll of this transition. For the 2025 period, Big Medya reported a net loss of 64,578,771 TL, more than double the 22,856,934 TL loss recorded in 2024. For shareholders, this translated to a deepening “Earnings Per Share” (Pay Başına Kazanç) loss, which moved from 0.6760 TL in 2024 to 1.9100 TL in 2025.

While these numbers are stark, the financial narrative suggests they are the price of a total organizational pivot. The report explicitly invokes the “Business Continuity” principle:

“The Group has prepared its consolidated financial statements according to the principle of business continuity (İşletmenin Sürekliliği).”

Management clearly views these current losses as a necessary transitional phase as the company integrates its software acquisitions and attempts to scale its digital operations to a level that can eventually sustain its 191 employees.

Conclusion: The New DNA of Big Medya

The 2025 financial disclosures reveal a company in the final stages of a total identity shift. By absorbing a software house and reclassifying its valuation into 1.13 billion TL of intangible assets, Big Medya Teknoloji is attempting to evolve from a legacy publisher into a digital-focused technology conglomerate.

However, with 25 magazines still in circulation and mounting net losses per share, the journey is far from over. In a world where software is eating media, can a legacy publisher truly change its DNA, or is the “Technology” title just a new cover for an old book?

Briefing Document: Big Medya Teknoloji A.Ş. 2025 Consolidated Financial Performance and Strategic Transformation

Executive Summary

The fiscal year ending December 31, 2025, represents a transformative period for the entity formerly known as Doğan Burda Dergi Yayıncılık ve Pazarlama A.Ş., now rebranded as Big Medya Teknoloji Anonim Şirketi. This period was characterized by a fundamental shift in corporate identity, a change in majority ownership, and a major merger with Wisest Yazılım A.Ş.

While the Group’s total assets surged from 309.3 million TL in 2024 to approximately 1.65 billion TL in 2025—driven primarily by the acquisition of intangible assets—the operational bottom line remains under pressure. The Group reported a net loss of 64.6 million TL for 2025, widening from a 22.9 million TL loss in the previous year. Despite the net loss, equity moved from a negative position of 8 million TL in 2024 to a positive 1.17 billion TL, reflecting the structural impact of the Wisest Yazılım merger and capital adjustments.

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Corporate Identity and Strategic Evolution

Rebranding and Ownership Change

• Name Change: Following an Extraordinary General Assembly on September 17, 2025, the company officially changed its title to Big Medya Teknoloji A.Ş.
• Ownership Transition: In September 2024, a group of buyers—including Alt Capital Holding A.Ş. and various Re-Pie Portföy funds—acquired 70.01% of the company’s shares from Burda GmbH and Doğan Şirketler Grubu Holding A.Ş.
• Strategic Mandate: The Group is shifting its focus to include digital and innovation-oriented solutions, aiming to strengthen its identity as a technology company while maintaining its presence in the media and publishing sector.

Merger with Wisest Yazılım A.Ş.

A defining event of the 2025 fiscal year was the merger with Wisest Yazılım A.Ş.

• Process: The merger application was submitted on November 21, 2025, and approved by the Capital Markets Board (SPK) on November 27, 2025.
• Structure: Big Medya absorbed all assets and liabilities of Wisest Yazılım A.Ş.
• Financial Impact: This merger was the primary driver for the massive increase in intangible assets and the normalization of the Group’s equity structure.

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Financial Analysis: 2025 vs. 2024

All figures are expressed in Turkish Lira (TL) adjusted for purchasing power as of December 31, 2025 (TMS 29 Inflation Accounting).

Income Statement Highlights

Key Trends:

• Revenue Decline: The nearly 20% drop in revenue suggests a contraction in traditional media sales or a transition phase in the Group’s new business model.
• Operating Losses: Despite significant investment income of 58.2 million TL, the Group suffered a substantial operating loss due to high marketing and general administrative expenses.
• Net Parasal Pozisyon (Monetary Gain): The Group realized a gain of 13.8 million TL from inflation adjustments to its monetary position.

Balance Sheet Structural Shifts

Key Observations:

• Intangible Asset Dominance: Intangible assets rose from 8.6 million TL to 1.13 billion TL. “Other Intangible Assets” account for the bulk of this, specifically development costs totaling 1,114,644,075 TL, representing 68% of the total asset base.
• Equity Restoration: The merger and subsequent capital adjustments (including the offsetting of past losses against capital premiums/reserves) allowed the Group to exit a negative equity position.

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Key Audit Matters (KAM)

The independent auditor, Deneyim Bağımsız Denetim ve Danışmanlık A.Ş. (a member of Nexia International), identified two critical areas of focus for the 2025 audit:

1. Impairment Testing of Internally Generated Intangible Assets

• Subject: Development costs related to internal projects.
• Auditor’s Concern: These assets constitute 68% of total assets. Their valuation relies heavily on management’s estimates regarding future economic benefits and project feasibility.
• Audit Response: The audit included feasibility study reviews, technical content verification of capitalized projects, and testing the suitability of management’s assessments against TFRS standards.

2. Business Combinations (Wisest Yazılım Merger)

• Subject: The absorption of Wisest Yazılım A.Ş.
• Auditor’s Concern: The complexity of accounting for the transfer of all assets and liabilities and the impact on the Group’s equity.
• Audit Response: The auditor reviewed the merger agreement, checked the expert reports determining exchange ratios, and verified that all transferred items were correctly integrated into the consolidated financial statements in accordance with TFRS.

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Operational and Subsidiary Data

Media Portfolio and Licensing

Despite the technology pivot, the Group maintains a robust media presence:

• Magazines: The Group publishes 25 magazines.
• Licensing: 14 of these titles are published under international license agreements. Partners include:
  • Axel Springer Auto-Verlag GmbH
  • Verlag Aenne Burda GmbH & Co.
  • Grüner + Jahr International Magazines GmbH
  • Hachette Filipacchi Presse S.A.
  • Hola, S.L. and Future Publishing Limited, among others.

Personnel

• As of December 31, 2025, the Group employed 191 people, an increase from 175 in 2024.

Subsidiaries

• Big Dijital Teknoloji A.Ş. (Formerly Dergi Pazarlama Planlama ve Ticaret A.Ş.): A 100% owned subsidiary focused on magazine marketing and planning. In September 2024, Big Medya purchased the remaining 100% stake for a nominal value adjusted to 262,245 TL in purchasing power.

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Independent Auditor’s Conclusion

The independent auditor, represented by Harun Aktaş, issued a “Görüş” (Opinion) stating that the consolidated financial statements present fairly, in all material respects, the financial position of Big Medya Teknoloji A.Ş. as of December 31, 2025, and its financial performance and cash flows for the year then ended in accordance with Turkey Financial Reporting Standards (TFRS).