United Group Founder Challenges ANN Sale in London Court

Why It Matters

The outcome will determine whether United Group can divest its media portfolio without minority shareholder approval, affecting the balance of telecom and media power in Southeast Europe. It also sets a precedent for cross‑border media transactions and the protection of editorial independence.

Key Takeaways

• United Group's media arm includes ~120 assets, central to its strategy.
• Founder Dragan Šolak and ex-CEO Victoriya Boklag filed a London court challenge.
• Sale targets Adria News Network, reaching 16 million viewers across the Balkans.
• Alpac Capital aims to keep ANN editorially independent after acquisition.
• Lawsuit could block BC Partners' sale, delaying the transaction.

Pulse Analysis

United Group, a leading telecoms operator in Central and Eastern Europe, has built a hybrid business model that couples high‑speed broadband with a substantial media portfolio. The conglomerate’s media arm, United Media, comprises roughly 120 television, radio and digital properties, including the recently created Adria News Network (ANN). ANN consolidates news outlets such as N1, Nova S, Danas and Radar, delivering content to more than 16 million viewers across Serbia, Croatia, Bosnia‑Herzegovina, Montenegro and Slovenia. The proposed sale of ANN to Alpac Capital, a pan‑European investment firm that already owns Euronews, is positioned as a move to secure long‑term growth while preserving editorial independence.

The transaction has triggered a legal showdown in London’s Commercial Court after United Group founder Dragan Šolak and former chief executive Victoriya Boklag filed a claim on behalf of companies they control. Their complaint alleges that the divestiture breaches existing shareholder agreements and constitutes a material change to United Group’s integrated telecom‑media strategy, effectively turning the company into a pure telecom player. By seeking an injunction, the plaintiffs aim to force BC Partners, the private‑equity owner, to obtain consent from minority shareholders before any sale can proceed, a step that could stall the deal for months.

The dispute highlights the delicate balance between commercial consolidation and media independence in a region where independent journalism is scarce. Alpac Capital’s pledge to maintain ANN’s neutral, fact‑based reporting may reassure regulators, but the court’s decision will signal how aggressively investors can restructure cross‑border media assets. For advertisers and regional audiences, a delayed or blocked sale could preserve the current editorial landscape, while a successful transaction might usher in new capital and digital upgrades for ANN. Stakeholders across telecoms, media, and private equity will be watching the outcome closely.