Agreement Reached on Sale of United Group Media, Co-Owners Dissatisfied

Media, journalists (BETAPHOTO/NEVENA ZARIC)

International investment group Alpac Capital has reached an agreement with United Group on purchasing the Adria News Network (ANN) company, which encompasses the N1, Nova S, Vijesti, and Danas media outlets.

The N1 website reported that Alpac Capital was chosen for its offer, which guarantees "the preservation of editorial independence and the existing management model."

United Group minority shareholders Dragan Solak and Victoriya Boklag have announced that the decision on the sale of independent media outlets in the region which operate as part of ANN is illegal and legally void because it was made without the participation of representatives of minority shareholders, who account for roughly 42 percent of ownership.

"We believe that both the manner in which the meeting was convened and the decisions reached are legally void. Additional legal proceedings will be initiated regarding these actions," Solak and Boklag stressed. 

They recalled that they have already launched proceedings before the High Court in London to dispute the sale, and that the transaction is being carried out despite the active litigation. They expressed particular concern over the possible political influence on the sales process, non-transparency in the selection of the buyer, and the absence of credible guarantees for the preservation of the media outlets' editorial independence.