Ljubljana University journalism Professor Darko Milosavljevic told N1 Slovenia that the initiative by United Media outlets to buy out from United Group is probably the wisest thing to do for everyone involved.
“The willingness of the current owner to sell the media company to an independent owner would probably be the wisest decision for all parties involved in this story, especially for Serbian and regional journalism, the public, and democracy,” Milosavljevic said commenting the initiative by United Media outlets to find independent investors for the buyout.
He said there are examples across the region that it would often have been fundamentally better in the past if employees or management had bought out their media companies. Milosavljevic added that a number of media outlets ended up owned by people who knew little about journalism and viewed those outlets as tools for their interests or quick profits through real estate sales and various (more or less questionable) non-media ventures. “In some cases, media outlets in Slovenia were once majority-owned by their employees and management — that was the case with Delo in the 1990s and Vecer. Later, there were similar initiatives — for example, again at Vecer — for employees to repurchase their media outlet. Unfortunately, that did not happen,” the professor said.
He added that a takeover by the majority of employees or by management alone often ensures the preservation of journalistic standards and political independence. “If an internal buyout is not feasible — whether for financial or organizational reasons — they still have the option of seeking several strategic owners who understand the importance of independent journalism, who are committed to the media and journalistic quality and integrity, and who pursue their financial interests in a normal way, rather than through the so-called harvest approach — taking as much as possible, as quickly as possible, even if that leaves nothing for the following year,” Milosavljevic said.
In the current tense situation in Serbia, and similarly in other media markets across the region — including in Slovenia and Croatia, both EU member states subject to the binding European Media Freedom Act (EMFA) — suitable investors must be clearly identified and the current owner has to be willing to sell the company to an independent owner. That would likely be the wisest decision for all parties involved … especially for Serbian and regional journalism, the public, and democracy, Milosavljevi said.
Source: N1
