Media assets

Television: RTS1, RTS2, RTS3, RTS Svet, RTS Nauka, RTS Drama, RTS Life, RTS Classic, RTS Kolo, RTS Trezor, RTS Music, RTS Poletarac

Radio: Radio Belgrade 1, Radio Belgrade 2, Radio Belgrade 3, Radio Belgrade 202, Radio Pletenica, Radio Rock and Roller, Radio Jukebox, Radio Vrteshka

State Media Matrix Typology

Captured Public/State-Managed (CaPu)

Ownership and governance

RTS is state-owned. Its highest governing body is a management board. The board elects the General Manager (sometimes called Director General) of RTS and the station’s top editors. The nine members of the management board are appointed by the Regulatory Body for Electronic Media (REM), the Serbian media regulator. REM’s own members are in turn chosen through processes heavily influenced by political appointments.

Dragan Bujošević remains the General Manager (Director General) of RTS. He has held the position since 2015. Critics point out that despite having reached retirement age, his term continues under decisions of the management bodies.

In June 2025, amendments were adopted to several media laws: the Law on Public Media Services, the Law on Electronic Media, and the Law on Public Information and Media. Among the most important changes is the establishment of an Audience Ombudsman, a formal channel for audience complaints regarding public broadcasters, which for the first time gives legal duty to respond to viewers’ concerns. Other amendments address REM’s appointment/dismissal procedures, its financial autonomy, and oversight mechanisms. However, observers caution that some amendments are more declarative than operational, and may not significantly strengthen editorial independence in practice. 

Source of funding and budget

In 2024, RTS collected about RSD 15.7 billion , which is roughly €134 million, but still ended the year with a loss of RSD 310 million (€2.6 million). Of that revenue in 2024, approximately RSD 11.2 billion (€95.8 million) came from RTV license fees (a fee for public media, included in the monthly electricity bill, paid by all households in Serbia, which was introduced in 2016). Advertising revenue contributed another €28 million. 

In 2023, RTS reported a total revenue of RSD 14.7billion (US$ 136m), RSD 10.4 billion generated by license fees, and RSD 3.4 billion by ad sales. According to data from a company report, the broadcaster’s costs amounted to RSD 15.1 billion.

Editorial independence

No legal provisions require RTS to produce propagandistic content about the Serbian government. Yet, through the management board, staffed with government loyalists, the government exerts significant influence in the editorial decision-making process at RTS. Journalists working for the broadcaster interviewed for this report in May 2024 said that editors are continuously subjected to pressures from government and party officials who have an important say in how the station’s news content is presented. The news content is biased in favor of the Serbian Progressive Party (SNS), which has been in power since 2012, according to content analysis carried out by the Novi Sad School of Journalism.

During a series of street protests in May 2023, considered by observers to be the largest revolt against President Aleksandar Vučić, vast crowds of protesters encircled the RTS building, criticizing the station for being pro-government. Research conducted in recent years also found that RTS programmatically spreads sophisticated pro-Russia propaganda in its news programs. No domestic statute establishing RTS’ editorial independence has been identified.

RTS has a Programming Council composed of 15 members. Its role is to advise the station’s management on editorial matters. However, the council is not independent and hence fails to fulfill its role, as many of its members are appointed along political lines and have ties with the government.

In April 2025, more than fifty RTS journalists held an assembly in the broadcaster’s parking lot, demanding greater professional accountability and freedom of expression. Some of these employees were later summoned for questioning by security or intelligence bodies, raising concerns among journalist groups about intimidation or pressure.

The legal amendments of June 2025 — particularly the introduction of an Audience Ombudsman — are presented by the government as measures to increase accountability. However, watchdog groups argue that without genuine political independence in appointments to REM and the management board, such reforms are unlikely to change entrenched editorial bias.

September 2025

Media assets

Television: Rаdio television of Vojvodina 1, Radio television of Vojvodina 2

Radio: Radio Novi Sad 1 (Serbian), Radio Novi Sad 2 (Hungarian), Radio Novi Sad 3 (Croatian, Slovak, Rusyn, Romanian and Romany)

State Media Matrix Typology

Captured Public/State-Managed (CaPu)

Ownership and Governance

RTV is a state-owned public service broadcaster, established by the Republic of Serbia. It is governed under the same framework as the national public broadcaster, RTS, and supervised by the Regulatory Body for Electronic Media (REM). The broadcaster’s management board is appointed through this system, ensuring direct state involvement in oversight. In practice, this has allowed significant government influence over institutional leadership, financing, and editorial direction.

As of 2025, the General Director (CEO equivalent) is Goran Karadžić, who has overseen attempts to end the prolonged reliance on acting editors. In March 2025, Karadžić announced that competitions would be held to appoint permanent editors-in-chief and program directors across all units, requiring candidates to submit detailed program development plans. This marked a break with a period of interim management that had weakened editorial independence. Current program editors include Nenad Ćaćić, heading the First Television Program, and Andrea Juhas, in charge of the Second Television Program.

Source of funding and budget

Like RTS, RTV is financed through a mandatory public service fee, state budget transfers, and limited commercial income. The subscription fee, collected through electricity bills, was raised in July 2024 from RSD 299 (€2.55) to RSD 349 (€2.98) per household to cover rising operating costs. ). Revenues from the fee are split: in Vojvodina, 70% goes to RTV, with the remainder to RTS, while contributions from outside Vojvodina are channelled exclusively to RTS.

Editorial independence

RTV’s role as a minority-language broadcaster remains one of its most important contributions to the Serbian media system, providing services in Hungarian, Slovak, Croatian, Rusyn, Romanian, and Romany, in addition to Serbian. This strengthens its inclusiveness and regional legitimacy.

However, editorial independence is frequently questioned. Monitoring reports note that RTV, like RTS, often devotes significant airtime to “pseudo-events” generated by government offices or ruling party actors, reducing space for critical or investigative journalism. ). Studies by Serbian media organizations in 2024 documented continuous political pressure on editorial staff, with management boards populated by government loyalists shaping editorial lines.

The March 2025 decision to formalize editorial leadership positions through open competition was widely welcomed as a step toward stabilizing newsroom governance. Yet trade unions and staff continue to demand structural reforms, fairer pay coefficients, and compliance with the recommendations of the State Audit Institution, issues that remain unresolved.

September 2025

Media assets

News agency: Tanjug

Television: Tanjug TV

State Media Matrix Typology

Captured Private (CaPr)

Ownership and governance

Tanjug was a state-controlled news agency until 2015, when the Serbian government officially stopped funding it and announced its closure. Although the legal status was ambiguous for several years, the formal state-enterprise known as Tanjug was deleted from the Serbian Business Registers Agency (APR) on 9 March 2021.

In its place, a private company called Tačno d.o.o. (also referred to as Tanjug Tačno) was founded on 17 November 2020. Tačno obtained a 10-year licence (from 2021) to use the intellectual property, trademarks, online portal, logo, slogan, and part of the archive of the former Tanjug agency. Ownership of Tačno is split: Radiotelevizija Pančevo (RTV Pančevo) holds 60%, and Minacord Media (controlled by singer Željko Joksimović and media manager Manja Grčić) holds 40%. The director of Tačno (and thus de facto head of the “new” Tanjug) is Manja Grčić.

As of August 2024, there have been reports of dismissals among Tanjug journalists apparently for expressing support for students, which suggests continuing pressures on personnel linked to editorial or political control. 

Source of funding and budget

For the former state-run Tanjug (before its deletion in 2021), the agency was wholly or largely financed by state subsidies. The last reported subsidy from the government before the formal dissolution was RSD 20.7 million (US$210,000) in 2015.

After 2021, under Tačno, Tanjug Tačno operates as a private company. According to available data for 2024, Tačno had revenue of about €5.76 million, net income of €0.26 million, assets of €2.05 million, and about 208 employees.

Editorial independence

Before its privatization/licensing to Tačno, Tanjug had been widely regarded as an official (or de facto) mouthpiece of the Serbian government. Its editorial output was strongly pro-government, and there was little to no independent oversight.

Since Tačno took over (2021 onward), there have been concerns among journalists and civil society that editorial policy has not significantly changed. Instances of dismissals (or resignations) of staff allegedly for political or protest-related expression have been reported.

September 2025

Media assets

Publishing: Politika

State Media Matrix Typology

Captured Public/State-Managed (CaPu)

Ownership and governance

Politika is published by Politika Novine i Magazini (PNM), a company tied to Politika a.d., the wider joint-stock media group that owns the Politika brand and other associated publications.

Politika’s ownership structure has remained highly complex and politically sensitive. The publishing company PNM has long been a joint venture between Politika a.d., controlled by state entities, and private business interests. Since 2012, the Serbian businessman Miroslav Bogicević had held half of PNM, a stake he had acquired from the German publisher WAZ. Bogicević sold his share in late 2021 to Boban Rajić, a businessman and the owner of Novosti, a pro-government tabloid.

Through his company Media 026, Rajić has since controlled 50 percent of PNM, while Politika a.d. holds the other half. Politika a.d. itself is majority owned by state institutions and funds: the Pension Fund holds close to 30 percent of shares, the Serbian government directly owns almost 19 percent, and additional state-linked institutions such as the Health Insurance Fund and the Shareholders’ Fund together control over 20 percent.

In late 2024, the Politika building in central Belgrade, a landmark property, was sold to Rajić’s company M29, consolidating his influence over the brand. The following month, Politika a.d. announced plans to sell its 50 percent stake in PNM as part of a restructuring plan adopted earlier in 2024, setting a minimum price of approximately €4.7 million. This move confirmed the intention of the state-run joint-stock company to step back from direct involvement in the publishing arm of the newspaper, though the state still retains significant influence through its shareholding in Politika a.d.

Source of funding and budget

The newspaper is funded through subscriptions, advertising and state support, the latter channelled via state advertising contracts and other forms of aid. According to publicly available data, Politika a.d. generated revenues of €5.39 million in 2024, with assets worth more than €21 million recorded in April 2025. The company employed 186 people in 2024, a figure that confirms its medium-sized position in the Serbian media landscape. Yet the publishing branch, PNM, has been showing signs of financial decline. Its 2023 accounts registered falling net sales revenues, shrinking operating income and worsening profit margins, raising questions about the sustainability of the operation without further injections of public or politically directed advertising revenue.

Editorial independence

Editorially, Politika has long been seen as a pro-government outlet. Local experts and journalists interviewed for this report in May 2024 and March 2025 underlined that while there are no explicit legal provisions mandating propaganda, the government’s influence through ownership and appointments exerts significant pressure on editorial decisions.

The editor in chief since 2021 has been Marko Albunović, who oversees a newsroom frequently criticized for biased coverage. In 2024, the investigative network KRIK identified more than 90 Politika articles that they considered biased and manipulative, pointing to a pattern of editorial capture. In May 2025, the paper dismissed journalist Sandra Gucijan, a move condemned by the Association of Journalists of Serbia as politically motivated, reinforcing concerns about the lack of editorial independence.

The management of Politika a.d. rests with a ten-member Managing Board and a four-member Executive Board. The current General Director is Zoran Mošorinski, who oversees both the financial and editorial strategy of the group. His tenure has coincided with the latest restructuring moves and the deepening influence of Rajić’s business empire. No independent oversight mechanism exists to monitor or validate Politika’s editorial independence, leaving the paper under strong political and business control.

Despite its historical prestige as one of the oldest newspapers in the region, Politika has thus become a symbol of the shrinking space for independent journalism in Serbia.

September 2025

Media assets

Publishing: Vecernje Novosti

State Media Matrix Typology

Captured Private (CaPr)

Ownership and governance

As of the latest available information, Novosti AD (also “Kompanija Novosti a.d.”), which publishes Večernje Novosti, is 100% owned by Media 026 (of which Boban Rajić is the ultimate owner). Rajic is a businessman known for his support to the SNS, the party in government. Media 026 also owns 50% of Politika.

Source of funding and budget

For 2024, according to the company’s consolidated financial statements, Novosti a.d. reported €8.69 million in revenue, with net income of approximately €0.01 million. Assets were around €6.02 million, equity about €1.05 million, with some 190 employees. 

Editorial independence

The paper continues to be characterized in much of the media and academic commentary as pro-government / pro-SNS, aligned with the ruling party. 

September 2025

Media assets

Television: Prva, O2 TV

News portal: B92

State Media Matrix Typology

Captured Private (CaPr)

Ownership and governance

In 2018, Milovanović, whose brother Zvezdan Milovanović is a high-ranking member of the ruling Serbian Progressive Party (SNS), sold Kopernikus’ cable-network/cable-operator business (Kopernikus Technology) to the state-owned Telekom Srbija for about €195 million. With that disposal, he then purchased Antenna Group’s Serbian media operations—including TV Prva and O2, along with other media (six cable channels, Play radio, several portals).

Although Milovanović (and Kopernikus) promised in 2018 that editorial lines at Prva, O2 (later B92) would not change under new ownership, local observers (journalists, experts) interviewed for this report in May 2023, March 2024 and May 2025 report that Prva and B92 have increasingly adopted a visibly pro-government tone, consistent with what is often described as media capture.

Source of funding and budget

There is no reliable public information located so far (as of mid-2025) about Kopernikus Corporation’s total revenues or the financial budget for 2024 or projections for 2025-2026.

Editorial independence

Concerns about decreased editorial independence, increased alignment with government narratives. Experts and journalist sources report that Prva and B92 are seen as “mouthpieces” or having pro-government tone. 

September 2025

Media assets

Publishing: Kurir

Magazines: Elle, Elle dekor, Sensa, Lepa I srećna, National Geographic, Wanted!

Television: Kurir TV

Online: Kurir.rs, Espreso.rs, Mondo.rs, Elle.rs, Nationalgeographic.rs, Euractiv.rs

State Media Matrix Typology

Captured Private (CaPr)

Ownership and governance

Kurir is part of a media empire ultimately owned by Igor Žeželj. Formerly, Kurir was owned by Aleksandar Rodić (son of founder Radisav Rodić) until the ownership was transferred in late December 2018: Mondo Inc became the owner of 100% of Adria Media Group (AMG), which was the publisher of Kurir. Igor Žeželj and Mondo Inc became listed as owners. In August 2023, the merger agreement came into effect: Adria Media Group (AMG) formally ceased to exist; its rights, obligations, and assets were transferred to Mondo Inc. All these entities are under the umbrella of Wireless Media (or Wireless Media Group) which is owned 100% by Žeželj. 

Some of the media assets and liabilities of Wireless Media were transferred to a newly formed entity called WMG Media on or about March 15, 2024, including the debts, which has led to speculation that Telekom Srbija (a state-controlled company) might be positioning itself to acquire Kurir via debt-to-equity conversion.

Source of funding and budget

No verified data for the total revenues or budget of Wireless Media Group / Mondo Inc (including Kurir and its other assets) for 2024 or projections for 2025-2026 could be found.

Editorial independence

Kurir’s editorial policy has historically shifted depending on political currents. Under Aleksandar Rodić, it leaned toward the Democratic Party; after their 2012 defeat, it aligned with the Serbian Progressive Party (SNS).

After the acquisition by Wireless Media / the merger forming Mondo Inc, state influence (direct or indirect) via Telekom Srbija appears more pronounced. Modes of influence include financing schemes, ownership through state-telecom investments, and legal changes that allow state-controlled or state-connected companies to own media, including via Telekom. 

September 2025

Media assets

Television: TV Pink, Pink 2, Pink 3 Info, Pink BH, Pink M, Pink Family, Pink Soap, Pink Kids, Pink Super Kids, Pink Reality, Fashion TV SEE

Radio: Radio Pink

State Media Matrix Typology

Captured Private (CaPr)

Ownership and governance

The group is fully owned and controlled by Željko Mitrović, who also serves as CEO. His wife, Milica Mitrović, holds senior managerial roles as vice president of Pink Media Group and programme director of TV Pink.

Source of funding and budget

Pink Media Group’s financial stability relies heavily on state support mechanisms. Over the years, the company has repeatedly benefited from government loans, subsidies, and favorable contracts, which critics argue have enabled it to operate despite mounting tax debts. The group has also been listed among Serbia’s major tax debtors in official reports.

In 2023, the company reported revenues of €80.63 million and a net profit of €16.09 million, according to a company report. In 2024, according to Serbian business registries, revenues amounted to RSD 8.57 billion (approx. €73 million), with a net profit of RSD 186.5 million (approx. €1.6 million).

Editorial independence

Editorial independence at Pink Media Group is severely compromised. Watchdogs and media analysts highlight the broadcaster’s close alignment with the government narrative. Reports from IREX note the use of deepfake contenttargeting opposition figures, manipulation of political coverage, and the systematic spread of disinformation.

Željko Mitrović himself has intervened directly in editorial policy, frequently appearing on TV Pink and social media to attack critics in inflammatory language.

September 2025

Media assets

Publishing: Informer

State Media Matrix Typology

Captured Private (CaPr)

Ownership and governance

Informer is owned by the company Insajder Tim, whose sole owner is Dragan Vučićević, who also serves as editor-in-chief. He has been an outspoken supporter of the Vučić government. According to local journalists and experts interviewed for this project in 2023 and 2024, the newspaper receives constant state support in various forms.

Insajder Tim was registered on 9 March 2012. Vučićević founded it and owns it 100%. The company has a subsidiary for advertising (Info IT Media Ltd) and operates a branch in Montenegro, which publishes a Montenegrin version of Informer (“Informer Crna Gora”). The number of employees is about 80.

Source of funding and budget

There is no credible public data yet for budget or revenue figures for 2024 or projections for 2025-2026.

Editorial independence

On the editorial side, Informer continues to expand its media presence: at the end of 2024 it was granted a regional TV licence, which increases its broadcast reach. Meanwhile, there are ongoing concerns about ethical journalistic standards: the outlet has a history of violations of Serbia’s Journalists’ Code of Ethics, yet continues to benefit from state or government-linked funding, including through project-based co-financing mechanisms for public interest media content. It has also been regularly used to propagate pro-government narratives and discredit critics (e.g., civil society, opposition voices).

September 2025