Orbán’s media playbook finds new life in Serbian election cycle

The acquisition of N1 and Nova S by Alpac Capital, led by Portuguese financier Pedro Vargas, mirrors a pattern of opaque investment previously seen in the purchase of Euronews. Investigations by Direkt36 and other outlets have traced millions in funding for Alpac’s past deals back to Hungarian state-controlled entities. By replacing directors at the Serbian outlets before regulatory approvals were finalized in Luxembourg, the buyers have bypassed standard oversight, prompting fears that the media landscape is being reshaped to benefit Aleksandar Vučić’s government ahead of the October vote.

This shift highlights a growing threat where authoritarian techniques are no longer tied to specific political regimes but are instead outsourced to private actors. By masking political censorship as routine commercial activity, these intermediaries can neutralize critical newsrooms without triggering the scrutiny typically reserved for state intervention. The European Board for Media Services is currently reviewing the transaction under the Media Freedom Act, yet the urgency of the Serbian election cycle threatens to outpace regulatory action. Unless authorities in Luxembourg, Serbia, and Montenegro demand full disclosure of the financing, these established media outlets risk becoming tools of the very power structures they were designed to hold accountable.