United Media has become the majority owner of Vijesti, a Montenegrin media company with interests in TV, print and the web.
This follows gaining the approval of regulatory bodies for the transaction, which was for an undisclosed fee.
As previously reported by Broadband TV News, United Media signed a letter of intent in October 2021 to buy 51% of Vijesti.
Commenting on the development, Aleksandra Subotic, CEO of United Media, said: “Vijesti are an example on how to be independent, how to work in the public interest, an example of a media outlet which has built and preserved its credibility for years. I’m exceptionally happy we have completed the takeover process and that Vijesti has become a part of the United Media portfolio. We will continue to nurture the values which have made them stand out in the market, but, through this partnership and new investments, we will also work to reach new audiences”.
Zeljko Ivanovic, one of Vijesti’s founders and the chairman of the board of directors, added: “We are pleased that our deal with United Media has been formally finalised, which opens a new chapter in the development of all our platforms so we can continue to build the dominant position of Vijesti on the Montenegrin market. United Media, as the new shareholder, has committed to honour and protect the editorial independence and autonomy of the media outlet. The editor-in-chief of both the TV and the paper will still be selected based on the local co-owners’ suggestions, as well as the Media Development Investment Fund (MDIF), a New York-based investment fund which supports the freedom of the media, and which has been a minority shareholder of Vijesti from its beginnings”.
Harlan Mandel, MDIF CEO, said: “The coming together of two of the region’s most respected and influential media brands is excellent news for Vijesti and independent media in the region. United Media’s investment ensures that ground-breaking journalism will continue to be at the centre of Vijesti’s business model and that the company will be able to continue expanding its provision of quality news and information to print, digital and broadcast audiences in Montenegro and beyond”.
United Media is part of United Group and a leading media company in southeast Europe, with a presence in eight countries.
Its portfolio includes 55 TV channels, among them N1 and Nova TV, daily papers such as Danas and Nova, and numerous websites and radio stations.
