Alpac Capital to buy ANN media, Solak vows lawsuit

The international investment group Alpac Capital and Summer Parent S.à r.l, the ultimate shareholder of United Group, confirmed on 29 May that they had reached an agreement on the sale of the Adria News (ANN) media network. It is the largest ownership shift in the regional media space in several years, because ANN brings together some of the most watched and most influential independent newsrooms in Serbia and neighbouring countries. The agreement was also reported by the Independent Journalists’ Association of Serbia (NUNS), citing statements from both sides.

The ANN network comprises newsrooms in Bosnia and Herzegovina, Croatia, Montenegro, Serbia and Slovenia, brought under a single brand in February 2026. The announcement names N1, Nova S, Danas, Radar and the Nova portal as part of the network, along with Vijesti in Montenegro. According to figures relayed by NUNS, the network reaches more than 16 million people and employs over a thousand journalists. Completion of the transaction is expected in the second half of 2026, subject to the usual regulatory approvals.

Who is the buyer, and why it matters

Alpac Capital is an investment group that is the majority owner of the European network Euronews. It is precisely that ownership link that gives the sale a weight beyond an ordinary business transaction. The Portuguese newspaper Expresso has previously warned that, in its assessment, “nothing in the contract guarantees editorial independence”, and Alpac Capital’s name has been linked in public debate to capital close to Hungarian Prime Minister Viktor Orban. The buying side rejects those claims.

The question of who owns N1 and Nova S is not narrowly commercial. For years these newsrooms have covered the very subjects over which the government and the opposition in Serbia clash sharply, from the student protests to corruption cases. For part of the public, a change of owner raises the fear that editorial policy could shift, while the buying side argues the opposite. A group of 27 non-governmental organisations earlier called for the purchase to be abandoned, judging that handing these outlets to new owners could threaten their critical orientation.

United Group, for its part, presents the sale as the fulfilment of a goal set earlier: securing the long-term independence of its news media by separating them from the group’s telecoms arm.

Are the independence guarantees enough?

The statement on the agreement says the contract contains mechanisms to protect ANN’s editorial and operational independence, a clear separation between editorial and commercial interests, and an independent editorial council made up of internationally recognised media professionals.

ANN represents an important part of our media portfolio, in which we will continue to invest for growth and development, and we believe in neutral, fact-based and independent journalism, Alpac Capital said in its statement.

Critics of the sale, among them some staff at Nova S and Radar who founded a trade union in May, argue that written guarantees are not enough without real control over how they are applied. The question of how firm the contractual clauses prove in practice remains open until the transaction closes and the new owner makes its first moves.

Solak and Boklag: the decision is void

The sharpest resistance comes from Dragan Solak, founder and minority shareholder of United Group, and Viktorija Boklag, the former chief executive. They argue that the decision to sell the ANN media is unlawful and legally void.

By their account, the meeting at which the decision was taken was convened contrary to corporate governance rules and without the participation of minority shareholders, who, they say, hold around 42 per cent of ownership. “We consider that both the way the meeting was convened and the decisions taken are legally void”, Solak and Boklag said. They added that proceedings had been launched before the High Court in London, with further steps before the relevant bodies to follow.

The other side is carrying out the sale as valid, citing decisions by the group’s governing bodies and the fact that Alpac Capital was chosen as the bidder offering the highest value while respecting the principles of independence. By all accounts, the dispute will run in parallel with the regulatory approval of the transaction itself.

The next test will be the ruling of the High Court in London and the position of regulators in the countries where ANN operates. Will the legal challenge halt the sale, or will the new owner take over the newsrooms before the dispute is settled?