BC Partners faces legal challenge over United Media sale

United Group founder Dragan Šolak and former chief executive Viktoriya Boklag have launched legal proceedings in London against private equity owner BC Partners, seeking to block the planned sale of the group’s Southeast European media assets, according to a statement on May 26.
The case, filed through Gerrard Enterprises LLC and Cable Management Company Ltd, argues that the proposed transaction breaches the shareholders’ agreement governing United Group.
The dispute centres on the planned divestment of United Media, the group’s media arm, which operates television channels, newspapers and digital platforms across the Western Balkans, including some of the region’s most prominent independent outlets.
Šolak, the company’s founder and minority shareholder, and Boklag, its former CEO, said the sale would represent a “fundamental transformation” of United Group, shifting it away from an integrated telecoms-media model towards a predominantly telecommunications business.
United Media manages around 120 media operations across the region, including broadcasters N1 and Nova, newspapers Danas and Radar, and a range of online platforms in Serbia, Croatia, Slovenia, Bosnia and Herzegovina and Montenegro.
According to the filing, the first stage of the planned transaction includes Adria News Network (ANN) and related assets spanning several Balkan markets.
The claimants say the shareholders’ agreement gives them consent rights over any material change in United Group’s business structure, and that the sale was initiated without their approval.
“I was not informed of the sale of United Media or the deal with Alpac. BC Partners never sought or received my consent,” Šolak said in a statement cited by local media, adding he would take legal steps to enforce his rights.
The proposed buyer has been identified as Alpac Capital, linked to the owner of Euronews.
Šolak and Boklag raised concerns over potential implications for media independence in the region, citing the buyer’s previous investments and alleged political links in Serbia. They warned the deal could affect editorial independence at some of the region’s most prominent independent media outlets.
United Group’s Serbian outlets, particularly N1 and Nova S, are among the most visible critical broadcasters in the Western Balkans.
The legal action seeks a court ruling that the disposal of United Media constitutes a material change in United Group’s business and an injunction preventing any sale without the claimants’ consent.
The court will decide whether the transaction complies with the shareholders’ agreement and whether minority shareholder rights have been breached.
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