Early investigations by Turkish authorities have so far ruled out Iranian involvement in Karimian’s assassination. Istanbul's district mayor suggested the murder was related to a financial dispute. Iranian media outlets claimed that Karimian’s GEM TV was in financial trouble. An article in the Reformist Shargh Daily wrote that Karimian had borrowed money from “dangerous investors” to fund his struggling satellite channel but used it for his own personal investments in Turkey. Conservative Iranian media outlets did not spare Karimian in their obituaries.