Portuguese investment group Alpac Capital has reportedly submitted a binding offer to acquire Nova TV, Croatia’s most-watched commercial television network, which is owned by United Group. The reported offer is worth €140 million and would cover Nova TV and the associated channels Doma TV and Mini TV.
The proposed acquisition was first reported by Slovenian investigative outlet Necenzurirano.si and was subsequently covered by Croatian media, including Jutarnji list, which said it had confirmed the information through several independent sources.
The deal has not been finalised, and the reported purchase price has not been officially confirmed.
Alpac Capital is led by Pedro Vargas David, the son of former European Parliament member Mario David, who has been described as an adviser and personal friend of former Hungarian Prime Minister Viktor Orbán. Serbian President Aleksandar Vučić publicly referred to Mario David as a friend late last year.
The group’s reported links to political and business circles associated with Orbán and Vučić have drawn attention to its expanding presence in the media sector across southeastern Europe.
Expanding media ownership in the region
In 2022, Alpac Capital acquired a majority stake in Euronews in a deal reportedly worth around €170 million. An investigation by Hungarian, French and Portuguese media outlets found that at least one-third of the funds used for the acquisition came from sources linked to Orbán, according to the report.
Earlier this year, Alpac acquired United Group’s Adria News Network, which includes N1, Nova S, Danas, Radar and Montenegro’s Vijesti. Media reports put the price of that transaction at approximately €30 million.
Following the takeover in August, directors were dismissed in Serbia, Slovenia and Croatia. Journalists’ organisations raised concerns that Alpac had taken control before receiving all the necessary regulatory approvals.
In Bosnia and Herzegovina, Alpac received the required approvals in late August to take over N1 and Nova BH.
Questions over the reported €140 million offer
According to Zagreb.info, Alpac’s reported offer for the Croatian television operation amounts to €140 million. However, neither the amount nor the final terms of a potential transaction have been officially confirmed.
If completed, the acquisition would further expand Alpac Capital’s ownership of media outlets across the Western Balkans, following its recent purchases involving several prominent regional news organisations.
The proposed sale has attracted scrutiny because of the investment group’s reported political connections and the broader debate over media ownership, editorial independence and concentration in the regional media market.
