Antenna agrees €180MN sale of media operations in Serbia and Montenegro | Major Businesses | Business
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After finalising a business expansion, and investing heavily in local content to achieve what it calls significant shareholder value, international media and entertainment Antenna Group is to sell its media operations in Serbia and Montenegro.

Antenna Group logoSince acquiring a free-to-air Serbian network in 2009, Antenna Group has invested in acquisitions and organic growth, expanding the business and consequently its market share in television advertising revenue from 4% to a leadership position. The assets’ sale to media entrepreneur Srdjan Milovanovic is valued at €180 million.

The business currently incorporates free-to-air television channels PRVA and O2TV and a complementary portfolio of six premium pay-TV channels, four websites and one radio station in Serbia. It also owns and operates one leading national TV channel and a radio station in Montenegro.

Antenna Group’s strategy for the region was to invest in what it regarded as high-quality content as a competitive differentiator to match the changing consumer habits and expectations. This is it asserts led to it becoming the undisputed local content leader and striking distribution deals with major telcos. As many as 18 formats are produced in house for both free-to-air channels, with 4,000 hours of local content, such as crime drama series BESA, produced in house or commissioned per year.

“We are proud to have built the operations in Serbia and Montenegro into the number one television, digital, radio and content platform in those countries,” said Theo Kyriakou, shareholder and chairman of Antenna Group which is owned by the privately owned by the Kyriakou family.

“It also demonstrates the strength of our strategy to invest in exciting media and entertainment assets in high-growth markets across Europe, and drive growth by offering the best content via every possible distribution channel. We saw the market potential when we made our investment, and we still see it today. Europe's media consumption habits are undergoing a significant transformation - this creates a unique opportunity to expand into new markets in media, content and distribution that we are excited to continue pursuing.”