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Antenna agrees $200m Serbia exit

Greece-based Antenna Group has sold its TV networks in Serbia and Montenegro to a Serbian company for €180m (US$204m).

Kopernikus Corporation has acquired assets including Prva and O2 TV in Serbia, Prva TV Montenegro, six cable channels, online networks such as prva.rs and B92, and Play Radio.

The deal, part of Antenna’s strategy to refocus its activities on its core domestic market, remains subject to regulatory approval and comes after Kopernikus owner Srdjan Milovanovic sold Serbian cable operator Kopernikus Technology to Telekom Srbija.

“We are grateful to a great team of professionals in Serbia, who helped this media house to become a regional leader,” said Theodor Kyriakou, owner of Antenna Group.

“The combination of our fantastic local team with thorough broadcast expertise, our execution of our strong local multichannel content platform strategy, and the investor-friendly governments of Serbia and Montenegro positioned Antenna for success in one of the region’s fastest-growing markets.”

The company made its first moves in Serbia in 2009 by acquiring Fox Television Serbia and has since invested heavily in more than 4,000 hours of local content to help the business become a market leader.

A year later, Antenna acquired Pro TV and Pro FM in Montenegro, which were also rebranded as Prva.

In a similar business move, Antenna acquired Nova Television Bulgaria in 2000 for US$3m before selling it for US$970m in 2008.

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