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UNS info

18. 12. 2018.

Author: K. Kovač ???source???: UNS

Small shareholders seek a ban on the change of B92 ownership?

Small shareholders of B92 consider the possibility of addressing Commercial Court and seek temporary injunction of the change of ownership of B92 JSC (Joint Stock Company), as well as arbitration in front of Permanent Arbitration of the Serbian Chamber of Commerce, according to the findings of Journalists’ Association of Serbia (UNS).

Just to reiterate, B92 JSC sale was recently announced, i.e. the sale of its integral parts: O2 TV, Play Radio and B92 website, as well as Prva TV and Prva Montenegro, for the amount of EUR 180 million.

Majority owner of those media was Greek Antenna Group, headed by Theodore Kyriakou, but ownership structure of B92 JSC consists of small shareholders, as well as B92 Trust, which consists of the founders and former managers, that jointly own 14% of shares.

As UNS finds out, former majority owner did not invite B92 Trust and small shareholders to sell their share under the same price, although they were obliged to do so in accordance with Shareholders Agreement.

According to the Shareholders Agreement, majority owner, in this case Antenna Group, was obliged to offer to small shareholders to sell their shares within B92 under the same price. So far, this hadn’t happened.

Just a reminder: Council of the Regulatory Body for Electronic Media (REM) had brought decision that media pluralism is not violated with the change of ownership structure of Prva Television LLC and Broadcasting Company B92 JSC from Belgrade.

Prva Television LLC and Broadcasting Company B92 JSC from Belgrade, as is announced on REM website, had on December 11, 2018, submitted to REM registration of the ownership structure change, which was approved on the same date. As it is stipulated in the decisions, the change refers to the fact that Kopernikus Corporation Ltd. from Cyprus acquires from Antenna Southeast Europe BV, Netherlands, full control over the indirect owner of the majority shares of B92, Company Astonko Holdings Ltd from Cyprus.

Namely, as it was stated in the registration, founders of Kopernikus Corporation Ltd. from Cyprus are Srdjam Milovanovic with 50% of ownership and Kopernikus Corporation BV from Netherlands with the rest 50%. 100% owner of equity interest of this company is also Srdjan Milovanovic.


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