United Group - comment
The growing friction between the United Group and the Serbian authorities is an irritant but is not a threat to the group. United is removing two stations owned by Kopernikus Group in a row over channel carriage fees. At worst United will be required to pay the same carriage fees instead of a reduced sum. The impact will be about €40m or 4% of our projected 2023 EBITDA. Some of this cost may be passed on to the customer through higher fees as part of inflationary increases. Kopernikus has links to the ruling party in Serbia. Also, the Serbian government has funded Telekom Serbia’s bidding for content against the United Group.