OPEN LETTER TO BC PARTNERS LEADERSHIP AND INVESTORS

To: BC Partners Leadership

From: Investment professionals, journalists, lawyers, academics, and concerned citizens

Following the unveiling of a recording of a conversation between United Group management and Serbian state-owned entities, we urgently call on BC Partners, United Group’s majority owner [4][47][70], to establish robust protection policies for the journalists and editorial staff at United Media and to publicly declare your commitment to their safety and editorial independence. Their work – and your protection of it – represents a critical safeguard for Serbia's democracy and its EU future.

According to a recording reported and authenticated by OCCRP and KRIK [3][68], the recently appointed CEO of United Group is heard discussing important personnel decisions with state-owned Telekom Srbija executives while referencing the president’s displeasure.[1-3][69] Given the well-documented broader environment of political pressures on Serbian media [11][12][17][24-26][37][40][43], observers may reasonably wonder whether the employer will maintain the editorial independence necessary for United Media journalists’ work, or whether corporate decisions possibly driven by restructuring needs may also align with such pressures. 

Journalists and editors working for N1, Nova S, Forbes Srbija[72], Danas[74] and Radar[73] are among the last remaining independent voices in one of Europe's most hostile, and worsening, media environments.[1][3][11-14][18][19] International human rights organizations have repeatedly highlighted how government pressure, economic retaliation, and physical threats are routinely used against independent media [24][25]. These are the professionals who have built United Media into one of the region's most trusted news sources – the very source of the asset value that BC Partners acquired in 2019 [47][70]. Yet, these journalists now may face uncertainty about their employer's commitment to protecting their ability to report accurately on the very government entities their management has been in apparent discussions with.

Your news outlets serve as a precious democratic lifeline in Serbia, where press freedom is at its lowest point in 22 years [11][20][22]. After ten months of escalating citizen revolt, the world has witnessed a dramatic increase in government-initiated violence and further systematic erosion of democratic institutions [16-19][21][30-33]. In this environment, your journalists in Serbia are of critical importance to audiences who rely on them to obtain information that state-controlled outlets may systematically avoid or grossly misrepresent.

We understand that you are now fully aware of these developments and we urge you to act decisively. We acknowledge BC Partners’ right to make corporate management changes as they see fit. However, even the appearance of alignment with government narratives or policies that have been criticized by international human rights organizations as suppressing independent media puts pressure on journalists. [17][24][25] Moreover, it risks significant reputational damage to BC Partners and its respected institutional investors. Major pension funds and asset managers who have entrusted their capital to BC Partners, many of whom also have explicit commitments related to ESG and human rights (including freedom of expression and/or civil liberties) [48-51].

We urge the following immediate protective actions to safeguard both your employees in Serbia and your reputation as a company with deep local partnerships and insights as well as a global perspective:

1. Support editorial independence 

Publicly endorse the principles outlined in the United Media editors’ Manifesto for Independent Journalism adopted on September 2, 2025. [59] Commit to guaranteeing editorial autonomy as defined by the editors themselves: freedom from interference by owners, advertisers, or political centers of power, with chief editors maintaining full authority over editorial policy.

2. Protect your journalists and editorial staff

These media professionals face genuine risks for their reporting on corruption and human rights violations. Guarantee their editorial independence and safety from retaliation by any internal or external actors.

3. Preserve current editorial leadership

Maintain all current editorial leadership across United Media outlets until full accountability and protective measures are in place. These editors have built trusted news operations under difficult circumstances and their removal now could be interpreted by observers as a response to external pressure.

4. Protect newsroom operations and resources

While recognizing your right to implement corporate changes, we urge you to protect the operational foundations necessary for independent journalism – including adequate resources, staffing, and organizational structures that enable journalists to investigate and report freely without undue interference or external pressure.

The international community is watching the events in Serbia. Major newspapers including The Financial Times, The Guardian, The New York Times and Le Monde have editorialized and provided critical coverage (alongside outlets in Germany, Switzerland and Austria) about Serbia's democratic crisis. [21][30-33][60-62][71] EU officials have expressed concern about the deteriorating situation. [26][63-65]

Time is of the essence. Each day of uncertainty further endangers your United Media employees. The journalists and editors at United Media have courageously maintained independent reporting despite mounting pressure – they deserve protection now.


Initiating signatories, groups of Serbian citizens in the Diaspora:

• London, UK (@uk_uz_studente)
• San Francisco, USA (@sf.bay.area.uz.studente)
• New York City, USA (@nycstandswithstudentsinserbia)
• Washington DC, USA (@washingtondc.uz.studente)
• Paris, France (@1152paris)
• Vienna, Austria (@blokada.bec)
• Basel / Zurich / Bern / Lucerne, Switzerland (@1152.svajcarska)
• Geneva / Lausanne (@podrska.lozana.zeneva) 
• Toronto, Canada (@1152toronto)
• Perth, Australia (@pert_je_uz_studente)
• Montreal, Canada (@montreal_with_students)
• Los Angeles, USA (@lapodrskastudentima)
• Boston, USA (@boston_uz_studente)
• Dublin, Ireland (@irska_uz_studente)
• Christchurch / Wellington, New Zealand (@novizeland.uz.studente) 
• Graz, Austria  (@graz_protest)
• Berlin, Germany (@berlinstandswithstudents)
• Munich, Germany (@minhenuzstudente)
• Nantucket, USA (@ackpodrskastudentima)
• Sydney, Australia (@sidnej_uz_studente)
• Vancouver, Canada (@vankuver.je.uz.studente)
• Amsterdam / The Hague / Rotterdam / Utrecht, Netherlands (@1152.holandija)
• Ljubljana / Maribor / Koper / Nova Gorica, Slovenia (@studi_slovenija)
• Ulm, Germany (@ulm.je.uz.studente)
• Budapest, Hungary (@budimpesta.uz.studente)
• Frankfurt, Germany (@frankfurt_za_studente)
• Karlsruhe, Germany (@karlsruhe_uz_studente)
• Madrid / Barcelona / Valencia / Alicante, Spain (@1152_spain)
• Chicago, USA (@podrska_studentima_chicago)
• Italy (@studenti._.italia)
• Linz, Austria (@linzuzstudente)
• Brussels, Belgium (@palac_gore_brisel__)
• Luxembourg (@luksemburguzstudente)
• Stuttgart, Germany (@protestpodrske.stutgart)
• Strasbourg, France (@strazbur.uz.studente)

To be added as a group or for other inquiries please feel free to reach out to:
bcptruthserbia@gmail.com

note - you must confirm your email address to sign this petition!

Disclaimer: This letter is based exclusively on publicly reported information, including OCCRP's investigation, authenticated recordings, and credible media reports. We make no claims beyond what has been documented by journalists and published in the public domain. See References & Sources section, particularly Reference [68], for details regarding statements and responses from relevant parties. Investor information is based on publicly available filings; actual current investors may vary. 


** Key background information **

Appendix 1: Serbia – Press Freedom, Governance Risks, and BC Partners’ Exposure

1. Press Freedom Context

1.1 Serbia ranks 96th of 180 countries in the Reporters Without Borders Press Freedom Index. [11] Although Serbia’s 2025 ranking is slightly higher than its 2024 low (98th), this reflects other countries sliding further down the index rather than any real improvement in Serbia’s press freedom, which remains near a historic low point. [20]

 1.2 The Serbian government under Aleksandar Vučić as Prime Minister (2014-2017) and President (2017-today) has systematically captured most major media outlets, leaving few independent voices. [22][23][37] These outlets are critical for:

• Transparent information flow essential for stable business operations and functioning markets.
• Oversight of corruption, which Serbian state-controlled broadcasters consistently avoid reporting.

1.3 Since November 2024, nationwide student-led protests have challenged authoritarian rule following a railway station collapse (16 deaths) which protesters and opposition groups widely blamed on corruption involving senior levels of government. [27][28][29]   

 1.4 The government response has been increasingly repressive, including documented police brutality and orchestrated attacks on protesters. [18][19][21]

 1.5 International pressure on President Vučić is intensifying:

• Global coverage and editorial board condemnations in The New York Times,  The Financial Times, Le Monde, Politico, The Guardian. [21][30][31][32][33]
• Statements of concern from US State Department and European Parliament officials. [34][35]
• EU accession monitors highlighting press freedom as a central barrier to Serbia’s candidacy. [36]

Appendix 2: Why This Should Matter to BC Partners

2.1 Investor expectations – Major asset owners, such as Ontario Teachers’ Pension Plan, Sjätte AP-fonden (AP6), CPP Investment Board and CalSTRS, set explicit expectations for corporate governance and civil liberties. [48-51]

2.2 ESG (Environmental, Social and Governance) commitments – BC Partners has been a signatory to the UN Principles for Responsible Investment (PRI) since 2009. [45][46]

2.3 Business fundamentals – Independent media underpin transparent markets, which are the foundation of successful international investment. Historically, independent outlets have also been financially strong performers. [55-58]

Appendix 3: Select Timeline of United Group in Serbia 

3.1 March 2019 – BC Partners acquired a majority stake in United Group for €2.6 billion, including United Media, one of the last independent networks in the Balkans [47][70]. 

3.2 February 2025 – The President of Serbia made statements regarding United Media on Pink TV. [66][67]

3.3 April 2025 – United Group sold SBB Serbia to e&PPF Telecom and sold NetTV Plus, Total TV, and certain regional sports broadcasting rights to state-owned Telekom Srbija, while retaining United Media. [4]

3.4 August 2025 – UN Special Rapporteur on Freedom of Expression Irene Khan, when asked about the President's February statements, expressed concern [10].

3.5 August 2025 – OCCRP investigation revealed audio recordings of Stan Miller and Vladimir Lučić, CEO of Telekom Srbija (state-owned) discussions [1-3]

 
REFERENCES & SOURCES:

[1] OCCRP: "Telecom Chief and United Group CEO in Talks to Weaken Serbia's Last Independent Broadcaster" (August 27, 2025) - https://occrp.org/en/scoop/telecom-chief-and-united-group-ceo-in-talks-to-weaken-serbias-last-independent-broadcaster

[2] OCCRP: "Audio Recording Reveals United Group and Telekom Srbija CEOs Discussing Undermining Serbian Broadcaster" (August 28, 2025) - https://occrp.org/en/news/audio-recording-reveals-united-group-and-telekom-srbija-ceos-discussing-undermining-serbian-broadcaster

[3] OCCRP: "United Group Confirms Authenticity of Recording of CEO Discussing Independent Serbian Broadcaster" (August 29, 2025) - https://occrp.org/en/news/united-group-confirms-authenticity-of-recording-of-ceo-discussing-independent-serbian-broadcaster

[4] BC Partners/United Group: "Sale completion announcement" (April 2, 2025) - https://bcpartners.com/news/bc-partners-and-united-group-agree-to-sell-sbb-serbia-to-e-ppf-telecom-as-well-as-net-tv-plus-business-and-its-sports-broadcasting-rights-for-western-balkans-to-telekom-srbija/

[5] PR Newswire: “United Group announces leadership changes following strategic re-focus” (June 16, 2025) https://prnewswire.com/news-releases/united-group-announces-leadership-changes-following-strategic-re-focus-302482723.html

[6] Bloomberg: "BC Partners Faces Managers' Unrest at €6 Billion Media Company" (July 25, 2025)  https://bloomberg.com/news/articles/2025-07-25/bc-partners-faces-managers-unrest-at-6-billion-media-company

[7] Association of Independent Electronic Media (ANEM): Appeal from the editors at UM following the unexpected dismissal of the leadership at UG (June 17, 2025) https://anem.org.rs/en/strane/apel-urednika-u-um-nakon-neocekivane-smene-celnih-ljudi-u-ug

[8] Euronews Serbia: "Vučić o prodaji SBB-a" (February 16, 2025)  https://euronews.rs/srbija/politika/157710/vucic-o-prodaji-sbb-n1-i-nova-s-ostaju-ali-ne-za-sve/vest

[9] N1 BiH YouTube: “Nastavak pritisaka na N1: Da li je Vučić tražio smjenu direktorke United Media” from Pink TV broadcast (February 16, 2025) - https://youtube.com/watch?v=9orJzZEwx30

[10] N1: “Izvestiteljka UN: Kako predsednik Vučić zna šta će biti sa medijima u novembru?” (August 21, 2025) https://n1info.rs/vesti/izvestiteljka-un-kako-predsednik-vucic-zna-sta-ce-biti-s-medijima-u-novembru/ 

          
[11] Reporters Without Borders: "Press Freedom Index Serbia" https://rsf.org/en/country/serbia

[12] Freedom House: "Freedom in the World 2025: Serbia" - https://freedomhouse.org/country/serbia/freedom-world/2024

[13] Media Ownership Monitor Serbia: "New media laws have legalized state ownership of media" (2024) - https://serbia.mom-gmr.org

[14] Freedom House: "Freedom on the Net 2024: Serbia" - https://freedomhouse.org/country/serbia/freedom-net/2024

[15] BLiTZ: "Power, profits, and media freedom: Serbia's last independent broadcaster under threat" (August 2025) - https://weeklyblitz.net/2025/08/28/power-profits-and-media-freedom-serbias-last-independent-broadcaster-under-threat/

[16] FT: “Europe’s illiberal strongmen sit on volcanoes of public discontent”  https://ft.com/content/c1945e82-4ec0-467f-8451-5d9ce7abda4e (February 5, 2025)

[17] Reporters Without Borders: “As the noose tightens around Serbia’s journalists, the European Union can no longer look away” (April 4, 2025) https://rsf.org/en/noose-tightens-around-serbia-s-journalists-european-union-can-no-longer-look-away

[18] Civil Rights Defenders: “Reports of brutal police violence in Serbia” (July  4, 2025) https://crd.org/2025/07/04/reports-of-brutal-police-violence-in-serbia/

[19] Amnesty International: “Serbia’s authorities must end unlawful use of  force against protesters and investigate reports of police violence” (July 4, 2025) https://amnesty.org/en/latest/news/2025/07/serbia-authorities-must-end-unlawful-use-of-force-against-protesters-and-investigate-reports-of-police-violence/

[20] Slavko Curuvija Foundation: Serbia receives worst ever Reporters Without Borders Media Freedom Index rating (May 19, 2025) https://www.slavkocuruvijafondacija.rs/en/serbia-receives-worst-ever-reporters-without-borders-media-freedom-index-rating/

[21] Le Monde: “In Serbia, hundreds arrested in violent anti-government protests amid reports of police brutality” (August 15, 2025) https://lemonde.fr/en/international/article/2025/08/15/in-serbia-hundreds-arrested-in-violent-anti-government-protests-amid-reports-of-police-brutality_6744412_4.html

[22] The Guardian: Press freedom in Serbia is facing a dangerous turning point, warn editors” (March 23, 2025) https://theguardian.com/world/2025/mar/23/press-freedom-in-serbia-is-facing-a-dangerous-turning-point-warn-editors

[23] EU Observer: “Serbia’s alarming path toward media suppression" (March 28, 2025) https://euobserver.com/eu-and-the-world/ardd7db9e1

[24] Amnesty International: "Serbia 2024 Annual Report" - https://amnesty.org/en/location/europe-and-central-asia/serbia/

[25] Human Rights Watch: "World Report 2025: Serbia/Kosovo" (January 2025) - https://hrw.org/world-report/2025/country-chapters/serbia/kosovo

[26] European Commission: "Serbia 2024 Report" (October 2024) - https://enlargement.ec.europa.eu/document/download/3c8c2d7f-bff7-44eb-b868-414730cc5902_en?filename=Serbia%20Report%202024.pdf

[27] BBC: “Fourteen dead in Serbia railway station canopy collapse” (November 1, 2024) https://bbc.com/news/articles/c9wrp7g05xro

[28] Reuters: “Serbia teen becomes 16th victim of train station roof collapse, hospital says” (March 21, 2025) https://reuters.com/world/europe/serbia-teen-becomes-16th-victim-train-station-roof-collapse-hospital-says-2025-03-21/

[29] BBC: “Serbia’s largest-ever rally sees 325,000 protest against government” (March 15, 2025) https://bbc.com/news/articles/cx2g8v32q30o

[30] The New York Times: “Protest against Serbian leader draws over 100,000 in biggest crowd yet” (March 15, 2025) https://nytimes.com/2025/03/15/world/europe/serbia-protest-president-vucic.html

[31] The Financial Times: “Time to stop indulging Serbia’s authoritarian president” (August 18, 2025) https://www.ft.com/content/c232a3c8-3f0e-495f-8280-dea6fccd292e

[32] POLITICO: “‘He is finished’: Serbian protesters’ fury with Vučić hits boiling point” (August 16, 2025) https://politico.eu/article/serbia-protests-aleksandar-vucic/

[33] The Guardian: “The Guardian view on protests in Serbia: A battle for democracy that the EU must not ignore” (August 25, 2025) https://www.theguardian.com/commentisfree/2025/aug/25/the-guardian-view-on-protests-in-serbia-a-battle-for-democracy-that-the-eu-must-not-ignore

[34] US State Department: “Security Alert – US Embassy Belgrade” (August  22, 2025) https://rs.4usembassy.gov/security-alert-u-s-embassy-belgrade-serbia-august-22-2025/

[35] EU CRTA: “European Parliament growing concern over Serbia’s destabilising influence in the region” (August 2025) https://eucrta.eu/updates/european-parliament-growing-concern-over-serbias-destabilising-influence-in-the-region/

[36] European Parliament Press Room: “Parliament encourages Kosovo and Serbia to advance their EU accession reforms” (May 7, 2025) https://europarl.europa.eu/news/en/press-room/20250502IPR28216/parliament-encourages-kosovo-and-serbia-to-advance-their-eu-accession-reforms[37] Committee to Protect Journalists Serbia reports; Freedom House "Freedom in the World 2023: Serbia" https://freedomhouse.org/country/serbia/freedom-world/2024 

[38] Council of the European Union: Media freedom in the EU https://www.consilium.europa.eu/en/policies/media-freedom-eu/

[39] N1 Belgrade: "Editors of United Media in Serbia demand urgent investigation" (August 29, 2025) https://rs.n1info.com/english/news/editors-of-united-media-in-serbia-demand-urgent-investigation-and-accountability-after-stan-millers-conversation-with-telekom-srbija-ceo/

[40] Media Ownership Monitor Serbia (Reporters Without Borders/BIRN) https://serbia.mom-gmr.org

[41] IREX Media Sustainability Index 2024: Serbia https://www.irex.org/sites/default/files/VIBE_2024_Serbia.pdf

[42] European Federation of Journalists: "Serbia Media Freedom Reports"  https://www.ecpmf.eu/serbia-media-freedom-continues-to-decline-at-alarming-speed-eu-must-take-action/

[43] US State Department: "2024 Country Reports on Human Rights Practices: Serbia"  https://state.gov/reports/2024-country-reports-on-human-rights-practices/serbia/

[44] European Parliament Resolution on Serbia (July 2024) https://www.europarl.europa.eu/delegations/en/d-rs/documents/ep-resolutions

[45] PRI BC Partners Signatory Profile https://www.unpri.org/signatory-directory/bc-partners/940.article

[46] BC Partners Responsible Investment Policy https://www.bcpartners.com/wp-content/uploads/2025/05/BCP-Responsible-Investment-Policy-PE.pdf

[47] BC Partners press release: "BC Partners to acquire United Group, the leading cable and media operator in South Eastern Europe" (September 2018) https://bcpartners.com/news/bc-partners-to-acquire-united-group-the-leading-cable-and-media-operator-in-south-eastern-europe/

[48] OTTP Responsible Investing Guidelines https://otpp.com/content/dam/otpp/documents/reports/OTPP_Responsible_Investing_Guidelines_2022.pdf

[49] Policy for Responsible Investing and Ownership Sixth Swedish National Pension Fund (AP6) https://ap6.se/wp-content/uploads/2024/10/Policy-for-Responsible-Investment-and-Ownership-AP6.pdf

[50] Canada Pension Plan Investment Board Policies https://cppinvestments.com/about-us/governance/policy/

[51] California State Teachers’ Retirement System Investment Policy for Mitigating Environmental, Social and Governance Risks (ESG) https://calstrs.com/files/eba105a70/InvestmentESGPolicy.pdf

[52] Official Journal of the European Union REGULATION (EU) 2024/1083 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL (April 2024), https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX%3A32024R1083

[53] OECD Responsible Business Conduct for Institutional Investors https://oecd.org/en/publications/responsible-business-conduct-for-institutional-investors_8b9e240a-en.html

[54] Bain & Company’s Global ESG Private Equity and ILPA: “Limited Partners and Private Equity Groups Embrace ESG” 2022 https://ilpa.org/wp-content/uploads/2022/02/ILPA-BAIN-REPORT-LPs-and-PE-Firms-Embrace-ESG-2022.pdf

[55] Journal of Public Economics, Brunetti et al. “A free press is bad news for corruption” (August 3, 2003) https://www.sciencedirect.com/science/article/abs/pii/S0047272701001864

[56] Journal of Accounting and Public Policy, Hui et al. “Press freedom and stock price crash” (May-June 2025) https://www.sciencedirect.com/science/article/pii/S0278425425000420

[57] The Economist Group results for the 12 months ended March 31st 2025, https://www.economistgroup.com/results (June, 2025)

[58] Wall Street Journal, “New York Times digital revenue gains helps push stock to all-time high” (August 6, 2025) https://www.wsj.com/business/media/new-york-times-nyt-q2-earnings-report-stock-2025-3e639387

[59] N1: United Media editors adopt manifest for independent journalism (September 2, 2025) https://n1info.rs/english/news/united-media-editors-adopt-manifest-for-independent-journalism/    

 
[60] Tagesschau: “Proteste Proteste gegen Präsident Vucic halten an” (September 2, 2025) https://tagesschau.de/ausland/europa/serbien-proteste-150.html 

[61] Die Zeit: “Zehntausende Serben protestieren erneut für Neuwahlen” (September 2, 2025) https://zeit.de/politik/2025-09/serbien-belgrad-demonstration-aleksandar-vucic

[62] Frankfurter Allgemeine Zeitung: “Widerstand gegen Vučić erreicht neue Dimension” (September 2, 2025) https://faz.net/aktuell/politik/ausland/schweigemarsch-in-belgrad-widerstand-gegen-vu-i-erreicht-neue-dimension-110666161.html

[63] Vijesti: “Slovenian President: I wholeheartedly support freedom of expression in Serbia” (September 2, 2025) https://en.vijesti.me/world-a/balkan/773033/President-of-Slovenia--I-wholeheartedly-support-freedom-of-expression-in-Serbia

[64] European Western Balkans: “Marta Kos visits Serbia: “What we are asking is very close to the demands of the protesters” (April 30, 2025) https://europeanwesternbalkans.com/2025/04/30/marta-kos-visits-serbia-what-we-are-asking-is-very-close-to-the-demands-of-the-protesters/ 

[65] Vesti: “Marta Kos: The government in Serbia has not fulfilled any of the reforms it promised” (May 13, 2025) https://vreme.com/en/vesti/marta-kos-svaka-vlada-treba-da-razmotri-sta-govore-njeni-gradjani/

[66] Euronews Serbia: "Vučić o prodaji SBB-a" (February 16, 2025)  https://euronews.rs/srbija/politika/157710/vucic-o-prodaji-sbb-n1-i-nova-s-ostaju-ali-ne-za-sve/vest

[67] N1 BiH YouTube: “Nastavak pritisaka na N1: Da li je Vučić tražio smjenu direktorke United Media” from Pink TV broadcast (February 16, 2025) - https://youtube.com/watch?v=9orJzZEwx30

[68] This account is based on reporting by the Organized Crime and Corruption Reporting Project (OCCRP) and KRIK, which published a recording on August 27, 2025 [1]. According to OCCRP's reporting on August 29, 2025 [3], United Group issued a statement about the recording. OCCRP reports that United Group stated: “United Group has now confirmed the recording is genuine, but said it is ‘incomplete and does not reflect the full conversation and context of those discussions.’” OCCRP further reports that United Group stated: “At no time did Telekom Srbija or any other entity or person exert or seek to exert any pressure on United Group concerning the employment of Aleksandra Subotić,” and that United Group “does not bow to political influence of any kind.” The authors of this letter have not independently verified United Group's statement and rely solely on OCCRP's reporting of its contents.    

[69] Serbiantimes.info: “Recording of conversation between Telekom and United Group directors published: “I know Vucic called you and is upset, I can’t fire Aleksandra today”” (August 28, 2025) https://serbiantimes.info/en/recording-of-conversation-between-telekom-and-united-group-directors-published-i-know-vucic-called-you-and-is-upset-i-cant-fire-aleksandra-today-video

[70] United Group: BC Partners completes acquisition of United Group (March 4, 2019) https://united.group/bc-partners-completes-acquisition-of-united-group/

[71] NZZ: Vucic greift die letzten unabhängigen Medien Serbiens an (September 2, 2025) https://www.nzz.ch/international/proteste-in-serbien-vucic-setzt-unabhaengige-medien-unter-druck-ld.1900342

[72] United Media: “United Media launched five licensed Forbes websites in the Adriatic region” (November 14, 2025) https://unitedmedia.net/united-media-launched-five-licensed-forbes-websites-in-the-adriatic-region/

[73] United Media: “United Media has launched Radar” (March 14, 2024) https://unitedmedia.net/united-media-has-launched-radar-a-new-political-weekly/

[74] United Media: “United Media takes over Serbian daily Danas” (March 5, 2021) https://unitedmedia.net/united-media-takes-over-danas/