J&T Finance Group

Oligarchs Control Slovakia's Media Landscape

VideoWeek analyzes Slovakia’s media landscape, where editorial independence persists legally but is eroded economically as private oligarchs gain control over outlets. Following the 2008 financial crisis, deteriorating newspaper revenues enabled major private investors to buy stakes in key outlets. Notable players include Penta Investments, J&T, Ivan Kmotrík, Michal Voráček, and Ivo Valenta, who built controlling stakes in many outlets such as Petit Press (50%, later 45%), SME, Plus Jeden Deň, and TREND Holdings, with Axel Springer Slovakia and Nový Čas involved in acquisitions. The Gorilla scandal (2011) and the 2018 murder of journalist Ján Kuciak highlighted dangerous links between business interests and politics, contributing to political upheaval and the resignation of PM Robert Fico, followed by Igor Matovič’s rise. Denník N emerged as an independent alternative; Penta exited Petit Press earlier this year; and Slovakia’s government is considering a new media law to protect journalists. MDIF notes some improvement but warns most media remains oligarch-owned.