NextFin News - Alpac Capital, the Portuguese investment firm that controls Euronews, has reached an agreement to acquire Adria News Network from United Group, marking a significant consolidation of media assets across the Western Balkans. The deal, valued at approximately €30 million according to documents seen by investigative outlet Raskrikavanje, includes a sweeping portfolio of regional news outlets such as N1, Nova S, and the daily newspaper Danas.
The transaction requires United Group to consolidate its regional media holdings under the "umbrella" of Adria News before finalization. This restructuring encompasses N1 television operations in Serbia, Croatia, and Bosnia and Herzegovina, as well as Adria News Production in Slovenia and a 51% stake in Montenegro’s Vijesti. The acquisition also includes United Media Digital, which operates the Nova.rs portal and the weekly magazine Radar. For United Group, the sale represents a strategic divestment of its news-heavy assets as it focuses on its broader telecommunications and entertainment infrastructure in Southeast Europe.
The deal has immediately drawn scrutiny from regional media watchdogs and civil society organizations. A coalition of 28 Serbian organizations, including the Association of Independent Electronic Media (ANEM), issued a joint statement expressing "strong concern" over the transfer of ownership. The coalition argues that the sale of these outlets—often cited as the last remaining independent editorial voices in Serbia—to Alpac Capital could jeopardize media pluralism. Their apprehension stems from Alpac Capital’s existing ownership of Euronews, which has faced allegations of editorial shifts in certain regional markets.
Pedro Vargas David, the CEO of Alpac Capital, has historically maintained that his firm’s investments are driven by commercial logic and a commitment to European integration rather than political agendas. However, critics point to the firm's reported ties to Hungarian political circles as a reason for caution. SafeJournalists Network, a regional advocacy group, noted that the transition of ownership to a firm with documented allegations of political interference in other holdings poses an "imminent threat" to the editorial standards of N1 and Nova S.
From a market perspective, the €30 million price tag is viewed by some analysts as a pragmatic exit for United Group, though it remains a relatively small figure given the geographic reach of the assets involved. The valuation reflects the challenging advertising environment for independent news in the Balkans and the high operational costs of maintaining a multi-country news network. While the deal secures the immediate financial future of these outlets, the long-term impact on their editorial independence remains the central point of contention among regional observers.
The completion of the sale is subject to regulatory approvals in multiple jurisdictions across the Western Balkans. Given the sensitive nature of media ownership in the region, the vetting process by national competition and media authorities is expected to be rigorous. The outcome will determine whether the Adria News Network maintains its role as a critical counterweight to state-aligned media or if this acquisition signals a broader shift in the Balkan media landscape toward a more centralized, and potentially more cautious, editorial model.
Explore more exclusive insights at nextfin.ai.
