Bangladesh, May 27 -- A high-stakes corporate and legal battle unfolding in London is raising serious concerns about the future of independent journalism in Serbia and across the Balkans. At the center of the dispute is United Group, one of Southeast Europes largest telecommunications and media companies, whose influential news division may soon change hands in a controversial deal that critics fear could further erode press freedom in a region already struggling with political pressure and media capture.

The conflict pits United Group founder Dragan Šolak and former chief executive Viktorija Boklag against the companys majority owner, BC Partners, over a proposed 30 million euro sale of the companys media operations. The dispute ha...