International investment group Alpac Capital and Summer Parent S.à r.l., the ultimate shareholder of United Group (UG), confirmed on Friday that an agreement has been reached for the sale of Adria News S.à r.l.

UG noted that Alpac Capital has a long and well-established record of operating news assets at international scale, with its majority-ownership of one of the world’s largest networks, Euronews, reaching over 1.5 billion people in more than 160 countries, and broadcasting in 19 languages. This acquisition provides Adria News Network (“ANN”) with a strong platform and an owner aligned with its editorial principles, securing the long-term independence of these important news assets. Alpac Capital is committed, as its ownership of Euronews reflects, to promoting neutral, fact-based journalism that upholds the highest editorial standards.

A spokesperson for United Group, said: “This transaction delivers on a clear objective the Group set out in 2025 to secure the long-term independence of our news assets. On completion, United Group will focus fully on driving value creation for all stakeholders across its telecommunications, media and technology businesses in European markets.”

A spokesperson for Alpac Capital said: “ANN represents an important addition to our portfolio of media assets where we will continue to invest to ensure growth and development. At ALPAC, we believe in fact based, neutral and independent journalism with sound and sustainable operations and financial results. These are not empty words, they are demonstrated daily by the work of our journalists and recognized by all independent and credible organisations in the market. We are also proud of our open, European position and conscious of the importance of EU enlargement for the Western Balkans. This commitment will be also reflected in ANN’s editorial values and long-term direction. Alpac is committed and very much aware of the high stakes involved in this transaction and truly believes that it will be a very positive contributor to the countries it is now further investing in.”

These transactions are subject to standardized regulatory approvals and are expected to be completed during the second half of 2026.

In February 2026, United Group brought together its news assets across Bosnia and Herzegovina, Croatia, Montenegro, Serbia and Slovenia under one independent brand, ANN, with its own fully independent board and oversight from an Editorial Council of senior international media professionals. ANN’s established and award-winning brands, including N1, Nova S, Vijesti and Danas, deliver multi-platform news to a combined audience of over 16 million people and employ more than 1.000 journalists and staff. The governance framework introduced at the same time was identified as the most effective way to protect editorial independence while providing stability, transparency and resilience for the business, in line with the commitments made by BC Partners and the management of United Group in 2025. Adria News Network is licensed and regulated inside the European Union, with licenses reflecting guarantees on editorial independence.

Following the creation of ANN, United Group received several unsolicited expressions of interest from parties seeking to acquire these news assets.

Alpac Capital was selected on the basis that it provided the highest value while meeting the governance and independence principles established from the outset. The Share Purchase Agreement includes contractual safeguards preserving ANN’s editorial and functional independence, a clear separation between editorial and commercial interests, and the maintenance of an independent external advisory body.

United Group minority shareholders Dragan Solak and Victoriya Boklag reacted immediately to the announcement declaring that the decision to sell independent regional media outlets operating under the Adria News Network (ANN) is illegal and legally void.

In a statement, they said that the decision was adopted at a Board of Directors meeting of the parent company, Summer Parent S.a r.l., which was convened in violation of corporate governance rules and without the participation of representatives of the minority shareholders, who hold approximately 42 percent of the company.

“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 emphasized.

They pointed out that they have already initiated proceedings before the High Court in London to challenge the sale, and that the transaction is being pushed through despite this active litigation. They expressed particular concern over potential political influence on the sales process, a lack of transparency in the selection of the buyer, and the absence of credible guarantees to preserve the editorial independence of the media outlets.

The minority shareholders warned that the sale of the last major independent media in the region would have serious consequences for media freedom and democratic processes.

At the same time, the European Federation of Journalists (EFJ) and its members from Slovenia (SNS, DNS), Croatia (HND, TUCJ), Bosnia and Herzegovina (BH Journalists), Montenegro (TUMM) and Serbia (NUNS, UNS, Nezavisnost) expressed serious concern about the current uncertainty facing media outlets operating under the Adria News Network, following the confirmation that an agreement has been reached for the sale of Adria News S.à r.l. to the international investment group Alpac Capital.

The organizations stated: "We are aware that any media company may undergo changes in ownership structure and that a change of ownership does not necessarily mean a threat to editorial independence. However, in this case, our concern is not abstract. It arises from the broader political and media context in which independent and professional media in the region have long been under pressure. Civil society organizations have previously warned that this transaction could have serious consequences for media pluralism, editorial independence and the public interest in Serbia and the Western Balkans.

We are particularly concerned by the fact that Alpac Capital is the majority owner of Euronews, whose takeover was the subject of international investigative reporting. In 2024, Hungarian investigative media Direkt36, French newspaper Le Monde and Portuguese weekly magazine Expresso published a report revealing that the acquisition of Euronews SA was partly financed by funds linked to Hungarian state capital and circles close to Viktor Orbán’s government. Following this transaction, substantial redundancy measures were implemented at Euronews, resulting in the departure of more than half of the staff (175 out of 370). Euronews also relocated its headquarters from Lyon to Brussels. At the time, the EFJ and the International Federation of Journalists (IFJ) supported one of their French members, the French National Union of Journalists (SNJ), in calling for a parliamentary investigation. Additionally, at the EFJ’s annual meeting in Prishtina, Kosovo, a motion was adopted to request guarantees that this takeover was in line with the provisions of the European Media Freedom Act (EMFA). This was precisely due to concerns about ownership transparency, the true source of funding, and potential influence on editorial policy.

We therefore expect Alpac Capital, United Group, BC Partners and all actors involved to publicly, precisely and bindingly guarantee that the change of ownership will not lead to:

- the suppression of freedom of expression;

- changes in editorial policy under political or commercial pressure;

- sanctions or dismissals of editors and journalists defending professional journalism and resisting political obedience;

- any form of censorship, such as restrictions on investigative journalism, unprofessional demands, or bans on asking questions to government representatives;

- threats and violations of the labor rights of journalists, editors, camera operators, producers, technical staff and other media workers across the region.

We particularly insist on the preservation of labor rights and trade union freedoms of employees in all media outlets operating within the Adria News Network. Any change of ownership must be carried out with full transparency towards employees, respect for employment contracts, collective rights, the right to union organizing, and consultations with employee representatives. Media freedom cannot be protected without protecting the people who produce news in the public interest every day."