The sale of United Group’s media empire could reshape the information landscape across the Western Balkans
For years, audiences across the Western Balkans have watched the steady erosion of independent media. Television stations have changed owners, critical journalists have been pushed out of newsrooms, and media outlets have become increasingly dependent on governments, politically connected businessmen, or state advertising. Against that backdrop, the planned sale of United Group’s regional media network may represent one of the most consequential media developments in Southeast Europe in recent years.
As recently revealed by Raskrikavanje, Dutch telecommunications and media conglomerate United Group is preparing to sell its regional media division, Adria News Network (ANN), to Luxembourg-based investment fund European Future Media Investments for approximately €30 million. Behind the fund stands Alpac Capital, a Portuguese investment company whose previous media acquisitions have attracted scrutiny over political connections and questions of editorial independence.
The deal would include some of the most influential media outlets in the region: N1 television channels in Serbia, Croatia, Bosnia and Herzegovina, and Slovenia; Nova S; Montenegro’s TV Vijesti; newspapers and portals including Danas, Nova, Vijesti, and Radar; as well as Forbes editions in Serbia, Bosnia and Herzegovina, and Slovenia.
Taken together, these outlets constitute perhaps the largest regional network of media organizations that regularly report critically on governments and political power centers in the Western Balkans.
Why the sale matters
The significance of the transaction lies not only in its size but in the role these media outlets currently play.
In Serbia, where media freedom has deteriorated significantly over the past decade, N1 and Nova S have become some of the few mainstream television channels consistently reporting on corruption, abuse of power, election irregularities, and government accountability.
Most major commercial television stations with national reach, including Pink, Happy, Prva, and B92, have long faced criticism for their overwhelmingly favorable coverage of the government of President Aleksandar Vučić. At the same time, state-owned Telekom Srbija has expanded aggressively into the media sector, becoming both a major advertiser and owner of media outlets, including Euronews Serbia, Bloomberg Adria, and Newsmax Adria.
As a result, N1 and Nova S have remained among the few television channels capable of reaching mass audiences with reporting that challenges official narratives.
For Raskrikavanje editor Vesna Radojević, the timing of the proposed sale is particularly concerning.
“The silencing of the last major independent media outlets in Serbia and preparations for their sale is probably one of the best things that could happen to Aleksandar Vučić ahead of elections, and one of the worst things that could happen to citizens,” she told SEE Check.
“If this process is completed, mainstream media space will be left almost entirely to media outlets aligned with the government and its interests.”
Radojević argues that the issue extends far beyond a routine commercial transaction.
“This is not simply a business deal. We are talking about a direct threat to media freedom. The Serbian media landscape could become almost entirely controlled by people close to Vučić.”
A buyer with political baggage
The concerns surrounding the sale stem largely from questions about the future owner’s political and financial connections.
Alpac Capital became internationally known after acquiring a majority stake in Euronews in 2022. Subsequent investigations by Direkt36, Le Monde, and Expresso found that the acquisition was partly financed through a Hungarian state fund and companies linked to Hungarian Prime Minister Viktor Orbán’s political and media network.
The investigations reported that one of the objectives behind the investment was to reduce what investors described as a “left-wing bias” in media coverage.
The company’s chief executive, Pedro Vargas David, is the son of Mario David, a longtime adviser to Viktor Orbán. Mario David also maintains close ties with political actors in Serbia. In late 2025, President Aleksandar Vučić publicly described him as a “friend.”
The proposed sale has raised questions about transparency, regulatory oversight, and the broader relationship between political and economic power in the region.
Aleksa Vučen of Transparency International Bosnia and Herzegovina says that ownership and sources of capital are legitimate matters of public interest whenever influential media organizations are involved.
“When media outlets play a significant role in informing citizens about issues of public interest, the origin of capital and ownership structure become legitimate questions for public scrutiny,” Vučen says.
“This does not mean editorial policy can be predicted solely on the basis of ownership. However, experiences from the region show that political and business ties of owners can significantly influence editorial priorities, especially in environments characterized by weak institutions and high levels of political influence over the media.”
According to Vučen, this is particularly important in the Western Balkans, where independent media often remain among the few actors systematically investigating corruption, misuse of public resources, and connections between political and economic power.
“Hungary has been deeply involved in political and business arrangements in both Republika Srpska and Serbia, primarily through the close relationship between Viktor Orbán, Aleksandar Vučić, and Milorad Dodik. These relationships have both ideological and business dimensions, which is why public concern about potential consequences for media autonomy is entirely understandable.”
Warning signs before the sale
Concerns about the future of United Media did not begin with the announcement of a possible acquisition.
Months earlier, an audio recording published by Raskrikavanje and OCCRP revealed a conversation between United Group’s new chief executive Stan Miller and Telekom Srbija director Vladimir Lučić. According to the recording, Lučić conveyed a request allegedly originating from President Vučić to remove Aleksandra Subotić, the longtime head of United Media.
Subotić was dismissed in February 2026.
Soon afterward, N1 news director Igor Božić also left his position.
For critics, the developments raised questions about whether political influence was already being exerted before any formal ownership change had taken place.
Radojević points to audience trust data as one reason the government may view these media outlets as strategically important.
“If you look at the latest Reuters Digital News Report, N1 and Nova S remain among the most trusted media brands in Serbia. That is precisely why there is such urgency to complete this sale and bring these outlets under control.”
Why pluralism matters
For Lejla Turčilo, professor at the University of Sarajevo, the discussion should not be reduced to whether individual outlets support or oppose those in power.
“In every democratic society, it is essential that citizens have access to diverse sources and diverse information. When there is horizontal or vertical concentration of ownership, media pluralism is directly threatened, as is the public’s right to have different information, ideas, and perspectives available through the media,” Turčilo says.
In that sense, she argues, the significance of the United Media sale extends beyond the fate of a single company or even the political orientation of its outlets.
“The sale of United Media is problematic in this context not only because of its critical attitude toward Aleksandar Vučić’s regime, but because it narrows the space for alternative views and opinions,” she says.
The concern is particularly acute in Serbia, where much of the media landscape is already dominated by outlets closely aligned with the authorities.
“In Serbia, we already have tabloids that function as an extension of the regime,” Turčilo says.
“Acquisitions of this kind are undoubtedly aimed at maintaining regimes, and as such can have major consequences in terms of strengthening authoritarian tendencies and reducing democratic values, above all pluralism. In the countries of the region, which already lack a developed tradition of media pluralism and have very low levels of media literacy, this can indeed become a serious problem.”
Consequences beyond journalism
The implications of the deal also extend to fact-checking organizations and efforts to combat disinformation.
Independent fact-checkers rarely operate in isolation. Their findings achieve broader impact when mainstream media amplify them and when professional newsrooms independently verify claims, investigate false narratives, and provide audiences with reliable information.
Without strong, credible media organizations capable of reaching large audiences, disinformation can spread more easily and face fewer obstacles.
This challenge is particularly significant in a region where pro-government media ecosystems frequently serve as sources of misleading narratives, political propaganda, and attacks against independent journalists and civil society organizations.
Vučen notes that the sale comes amid a broader trend of shrinking space for critical voices across the region.
In Republika Srpska, authorities have re-criminalized defamation and proposed legislation that critics described as targeting civil society organizations and independent media. Similar pressures have emerged elsewhere in the region through strategic lawsuits, regulatory pressure, political attacks, and economic dependence.
“Political leaders such as Orbán, Vučić, and Dodik often share a similar approach to governance,” Vučen says.
“When faced with a choice between greater transparency and preserving political power, their actions frequently demonstrate a willingness to restrict criticism, weaken independent institutions, and exert pressure on media and civil society.”
“For that reason, every change in ownership involving media outlets that serve as important sources of independent information deserves serious attention from both the public and regulatory authorities.”
The deal is not final
Despite widespread concern, the transaction is not yet complete.
United Group founders Dragan Šolak and Viktoria Boklag launched legal proceedings in London in May 2026, arguing that majority owner BC Partners is attempting to proceed with the sale without their consent and in violation of a 2019 shareholder agreement.
The London court will determine whether the transaction constitutes a fundamental change in business operations that requires approval from minority shareholders.
In addition, competition authorities in Serbia, Montenegro, and Bosnia and Herzegovina must review the deal, while Luxembourg’s media regulator will also need to approve the transaction.
The outcome remains uncertain.
What is already clear, however, is that the sale of United Media is not merely a corporate story.
It is a question of who will control some of the last major media outlets capable of challenging political power in the Western Balkans.
Turčilo believes that this challenge should also be viewed beyond the region.
“We can see that this is actually a global problem. It is no less troubling when global media align themselves with political power in the United States, or when there is unacceptable selectivity in the BBC’s reporting on Gaza, for example. It is evident that strategies for defending a free public sphere and ensuring quality information within it will also have to be global,” she concludes.
