Leadership shake-up at United Group raises fears over media freedom in the Balkans

A sudden leadership change at United Group, one of Southeast Europe’s largest telecom and media conglomerates, has triggered concerns among press freedom advocates, after founder Dragan Solak and CEO Victoriya Boklag were ousted by majority shareholder BC Partners, a London-based private equity firm, earlier this month.

Solak, who built the company from a local Serbian cable provider into a €3 billion-a-year regional giant, filed a legal complaint in the Dutch Enterprise Chamber in Amsterdam, calling for an investigation into what he described as a “serious governance crisis”. According to a press release from his office, the move to remove him and Boklag on 16 June was retaliation for a lawsuit in London over unpaid performance bonuses tied to a €1.5 billion telecoms asset sale.

But the fallout has spread far beyond boardroom tensions. Days after the dismissal, journalists from United Media, United Group’s media arm that owns outlets such as N1 and Bulgaria’s Nova TV, issued a rare open letter expressing alarm.

In recent years Serbia, N1 has been one of the few media critical of Serbian President’s Aleksandar Vučić authoritarian ways.

“Mr Solak has been a consistent and principled defender of independent journalism in the Balkans,” the letter stated. “He resisted relentless smear campaigns, regulatory harassment and direct interference by authoritarian regimes – particularly in Serbia – where few others dared.”

The letter warned that editorial independence may now be at risk: “We fear that the leadership change, initiated without explanation and in the midst of unresolved disputes, leaves our journalism vulnerable to external influence.”

From telecom powerhouse to free media bulwark

Solak’s tenure saw United Group evolve not only as a telecom success story but also as one of the few private-sector defenders of press freedom in a region increasingly hostile to independent media. He personally supported editorial protection across jurisdictions, often resisting political pressure in markets where governments have sought to stifle dissenting voices.

In addition to its telecom holdings (including Vivacom in Bulgaria), United Group controls influential TV stations and portals across Serbia, Croatia, Slovenia, Bosnia and Herzegovina, and Montenegro – many of which face regular intimidation or regulatory retaliation.

The internal shift raises questions over the future orientation of United Media, and whether it will continue resisting pressure from national governments. “There is a clear link between who runs the company and whether our editorial boards can operate freely,” one senior N1 journalist said off record.

Governance dispute fuels deeper crisis

Solak and Boklag were dismissed without prior notice, despite holding over 42% of the group’s equity, and after making a management buyout offer that could have tripled BC Partners’ original investment. His office says that over €1.1 billion in dividends remain undisbursed and that BC Partners is “punishing minority shareholders” for demanding contractually owed payments.

The Amsterdam court has been asked to appoint an investigator and possibly freeze the leadership change while the probe unfolds.

Freedom of expression at stake?

The timing of the reshuffle has fueled fears that editorial policy could shift, intentionally or otherwise. Media observers warn that Solak’s departure weakens the structural safeguards for editorial independence in a region already vulnerable to political interference. While it’s too early to say if content will be affected, the ownership change alone is already chilling.

In Serbia, United Group’s channels have faced years of political pressure, from smear campaigns and tax probes to licence challenges. Solak’s personal resilience in maintaining editorial autonomy made him a rare example of a businessman defending the fourth estate.

Journalists and regional media watchdogs are now closely monitoring the actions of the newly installed management.

“We are not only fighting for our salaries or contracts,” the open letter from United Media employees concludes. “We are fighting to preserve the last remaining islands of free information in a hostile sea.”

Caption: A university student stands wrapped in a blanket during a student-led blockade of the headquarters of Serbia’s public broadcaster, Radio Television of Serbia (RTS), in Belgrade, Serbia, 15 April 2025. EPA-EFE/ANDREJ CUKIC