Photo: United GroupDragan Šolak and Viktorija Boklag initiated legal proceedings against entities controlled by BC Partners, claiming that the sale of United Group's media business is being carried out without their consent and contrary to the shareholders' agreement.
They are today Dragan Šolak and Victoria Bocklag, through the companies Gerrard Enterprises LLC and Cable Management Company Ltd, launched judicial proceeding against three entities controlled by BC Partners. The aim of this procedure is to stop the sale of United Group's media business, which is being carried out contrary to the Shareholders' Agreement.
According to the statement, the shareholder agreement gives Scholak and Bocklag contractual rights to consent to any substantial change in the nature of United Group's operations. Despite this, BC Partners initiated the process of selling United Media, which includes the entire media segment of United Group, without their knowledge, approval or consent.
"United Media manages around 120 media operations and is a key part of United Group's integrated telecommunications-media model, contributing to customer attraction and retention, as well as strengthening the regional brand. Its sale would fundamentally transform United Group from an integrated media and telecommunications leader to a predominantly telecommunications company, thus destroying the distinct value of a unified service offering across Southeast Europe. Some of the key media brands within United Media's portfolio include national broadcasters Nova TV Bulgaria and Nova TV Croatia, Adria News Network (ANN), as well as numerous other popular media platforms," the announcement states.
As explained, the first sale refers to Adria News Network (ANN) and its assets in Serbia, Slovenia, Bosnia and Herzegovina, Croatia and Montenegro, as well as Nova BH and Nova Montenegro. The key is that it includes N1, Nova, Radar and Danas.
Ready to sell N1 and others, Sholak did not want to overpay them
It is added that Šolak and Bocklag are not only concerned about the way in which this sale is carried out, but also "what is publicly known as the proposed buyer's past practice in terms of cooperation and acceptance of investments by certain countries, as well as his ties with the authorities in Serbia and possible consequences for media freedom in the region", the statement states.
"Under the leadership of Mr. Šolak and Ms. Bocklag, the editorial independence of the United Media company's media was guaranteed. Precisely because of that independence, a large number of viewers, readers and journalists showed confidence in the important work that these media do. Last week, comments and concerns appeared in the public regarding possible changes in the editorial approach of N1 Serbia. Some viewers and media experts have already pointed to changes in the tone and content of television reporting. Media freedom in Serbia and throughout the region are too important to be treated as an expendable item in the process of exiting a private investment fund from ownership," the statement added.
The legal protections that Scholak and Bocklag are seeking include a determination that the sale of United Media constitutes a material change in the nature of United Group's business, and an injunction against such a sale being made without their consent. The judge will decide whether this sale process respects the Shareholders' Agreement, the rights of minority shareholders and the obligations that exist towards them.
"I was deeply concerned when I read reports that BC Partners intends to sell the last remaining editorially independent media in Serbia to Alpac Capital. The sale of United Media would destroy the integrated telecommunications-media model that has been built for years and hand over some of the last remaining independent media in Serbia to a buyer with worrisome media freedom practices. I was not informed of the sale of United Media or the agreement with Alpac. BC Partners did not at any time ask for, or receive, my consent. I will take all necessary steps, including legal proceedings, to ensure that my rights from the Shareholders' Agreement are fully respected and implemented," said United Group founder Dragan Šolak.
Source: New Economy
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