Major media ownership shift in the Balkans raises concerns over press freedom and EU standards

A significant change in media ownership is underway in Southeast Europe, with one of the region’s last major independent media networks reportedly on the verge of being sold to investors linked to the Portuguese fund Alpac Capital – the same group that acquired Euronews in 2022 amid allegations of opaque Hungarian state-linked financing.

The transaction involves United Group’s media assets under the Adria News umbrella, including the influential N1 television networks in Serbia, Bosnia and Herzegovina, and Croatia, as well as outlets such as Danas, Nova S, Nova M, Nova.rs, Radar, and a majority stake in Montenegro’s Vijesti. According to a leaked draft contract published by OCCRP and Serbian investigative outlet Raskrikavanje, the assets are being prepared for sale to European Future Media Investments, a Luxembourg-based vehicle, in a deal reportedly valued at around €30 million.

Calls for scrutiny

The Balkan Free Media Initiative (BFMI) has issued a strong position note warning that the sale represents more than a routine business transaction. It could mark a critical test for the European Media Freedom Act (EMFA) and EU commitments to media pluralism in both member states and candidate countries.

BFMI highlights risks of further media capture in an already fragile environment, where political pressure, state advertising, and ownership influence are common. N1 has long been one of the few outlets in Serbia providing critical coverage of President Aleksandar Vučić’s government.

No response was received from United Media Group or Alpac Capital after more than 24 hours following written questions sent by EUalive.

Background and red flags

The proposed sale comes after months of internal upheaval at United Media:

Long-time executive Aleksandra Subotić (seen as a guarantor of editorial independence) was dismissed in February 2026.
N1 newsroom head Igor Božić left two months later.

These changes followed reported pressure from Serbian authorities, including discussions between United Group executives and Telekom Srbija, as revealed in OCCRP leaks.

Alpac Capital’s previous acquisition of Euronews has drawn intense scrutiny. Investigations by Le Monde, Direkt36, and Expresso revealed that a significant portion of the financing came from Hungarian state-linked entities and figures close to Prime Minister Viktor Orbán’s circle.

Broader regional implications

The deal, if completed, would affect audiences across Serbia, Bosnia and Herzegovina, Montenegro, Croatia, and Slovenia. Market rumours also point to potential movements around Bulgaria’s Nova TV, suggesting a wider repositioning of media assets in the region.

Calls for regulatory action

BFMI urges European regulators to conduct a thorough review before any approval:

Full transparency on beneficial ownership and financing sources.
Legally enforceable safeguards for editorial independence.
Protection mechanisms for journalists and editors.
Assessment under the EU Merger Regulation and compatibility with EMFA and rule-of-law standards.

Luxembourg authorities and the European Commission are expected to examine the transaction closely, particularly regarding its impact on media pluralism in the Western Balkans.

This case is likely to be watched as an early real-world test of whether EU instruments can effectively safeguard independent journalism in Southeast Europe amid shifting ownership patterns.

Caption: AI-generated image appearing on the website of the Balkan Free Media Initiative (BFMI).