EFJ and Balkan Press Associations Voice Grave Concern Over Alpac Capital’s Acquisition of Adria News Network (ANN)

The European Federation of Journalists (EFJ), alongside its prominent member associations across Slovenia, Croatia, Bosnia and Herzegovina, Montenegro, and Serbia, has issued a joint declaration expressing profound concern over the future of media pluralism following the acquisition of the Adria News Network (ANN).

The critical statement follows the formal confirmation of a buyout agreement signed between United Group’s parent company (BC Partners) and Alpac Capital, a Portuguese venture capital fund heavily scrutinized over its financial links to the Hungarian government.

1. The Scale of the Transatlantic Media Transaction

The transaction shifts control over the most prominent independent and investigative journalism outlets operating across the Western Balkans. The sale of ANN directly impacts:

• Impacted Outlets: Critical regional networks and print media including N1, Nova S, Vijesti (Montenegro), Danas, and Radar.
• Workforce: More than 1,000 journalists and media professionals.
• Audience Reach: A combined viewership and readership exceeding 16 million people across the former Yugoslav space.

While the journalistic associations acknowledged that corporate restructurings are a standard feature of the media market, they emphasized that their anxiety is rooted in the brutal political and structural pressures independent outlets already face in the region.

2. The Euronews Precedent: The Viktor Orbán Connection

The primary catalyst for the widespread panic within the journalistic community is Alpac Capital’s existing track record as the majority owner of Euronews SA.

A landmark 2024 international cross-border investigation conducted by Hungarian outlet Direkt36, French daily Le Monde, and Portuguese weekly Expresso exposed that Alpac Capital’s acquisition of Euronews was heavily bankrolled by entities directly linked to Hungarian state capital and circles close to Prime Minister Viktor Orbán.

[The Alpac Capital Ownership Blueprint]
  Hungarian State Capital / Orbán Allies ──► Financial Backing ──► Alpac Capital
                                                                     │
       ┌─────────────────────────────────────────────────────────────┴─────────────────────────────────────────────────────────────┐
       ▼ [Past Action: Euronews SA]                                                                                                ▼ [Current Move: Adria News Network]
  • Headquarters moved from Lyon to Brussels.                                                                                 • Acquired: N1, Nova S, Vijesti, Danas, Radar.
  • Drastic downsizing: 175 out of 370 staff purged.                                                                          • Impact: Threat to independent journalism in Balkans.

Following the Hungarian-backed buyout of Euronews, Alpac Capital instituted aggressive cost-cutting measures, triggering a massive corporate restructuring that resulted in the ouster of over half the workforce (175 out of 370 employees) and the controversial relocation of its historic headquarters from Lyon to Brussels.

3. Red Lines: Demand for Legally Binding Guarantees

Civil society organizations and regional trade unions warn that this deal could systematically hollow out editorial independence in the Balkans to appease ruling nationalist regimes. The EFJ and signing coalitions have demanded that Alpac Capital, United Group, and BC Partners issue immediate, public, and legally binding guarantees ensuring the transaction will not result in:

1. The Suppression of Free Speech: Guarding against corporate or political attempts to dilute hard-hitting reporting.
2. Editorial Self-Censorship: Eradicating the risk of shifting editorial lines under business or government pressure, particularly regarding bans on aggressive questioning of state officials.
3. Journalistic Purges: Outlawing retaliatory firings, demotions, or economic sanctions against editors and reporters who resist political compliance.
4. Labor Rights Violations: Ensuring absolute protection of trade union freedoms and contracts for all anchors, cameramen, producers, and technical staff.

Signatories of the Joint Declaration

The unprecedented, unified warning was officially co-signed by the top media syndicates and press associations across the Western Balkans:

• Slovenia: Slovene Association of Journalists (DNS)
• Croatia: Croatian Journalists’ Association (HND)
• Bosnia & Herzegovina: BH Journalists Association (BH Novinari)
• Montenegro: Trade Union of Media of Montenegro (SMCG)
• Serbia: Independent Journalists’ Association of Serbia (NUNS), Journalists’ Association of Serbia (UNS), and the “Nezavisnost” Media Branch Syndicate.