The corporate landscape surrounding Serbia’s major retail competition investigation is undergoing rapid transformation, with another company connected to the country’s high-profile antitrust probe changing ownership while the official investigation into alleged retail price coordination remains unresolved.
The latest development centers on Cenoteka, Serbia’s well-known retail price comparison platform, which has become majority-owned by businessman Igor Žeželj through his company WMG Media. According to newly disclosed ownership records, WMG Media acquired an 80% stake in Cenoteka on 29 January 2026, while founder Ognjen Grbović retained a minority 20% shareholding and remained director of the company.
The ownership change would likely have attracted limited public attention had Cenoteka not previously appeared in documentation tied to Serbia’s major antimonopoly investigation launched in October 2024. At the time, Serbia’s Commission for Protection of Competition initiated proceedings against four of the country’s largest retail chains — Delhaize Serbia, Mercator S, DIS and Univerexport — over suspicions they may have coordinated prices for certain products through restrictive agreements.
Cenoteka was not formally accused of price coordination, but the company was referenced as a “third party” in the commission’s announcement. Competition authorities simultaneously conducted unannounced inspections at the company’s premises alongside inspections at the four major retail groups.
The timing of the ownership changes has intensified public attention because multiple entities linked to the original investigation have now either changed ownership or entered acquisition processes before the antitrust proceedings reached any formal conclusion. DIS has already been acquired by Aman, while former Mercator S operations — now operating under the Idea brand — are being acquired by Alta Retail, controlled by businessman Davor Macura. Cenoteka now joins that list with its new majority owner structure.
The broader investigation itself remains unresolved nearly two years after its launch. Serbia’s competition authority has repeatedly stated that proceedings remain ongoing but has declined to provide substantive updates regarding evidence, timelines or potential penalties. Consumer groups and market analysts have increasingly questioned whether the public will ever receive a definitive conclusion regarding the alleged coordination of retail prices.
The original case drew major public attention because it emerged during a period of exceptionally high food inflation and rising concern over retail margins in Serbia. Authorities suspected that the four major retail chains may have coordinated pricing for certain consumer goods, potentially violating Serbian competition law through restrictive agreements.
Cenoteka’s role in the ecosystem is particularly sensitive because the platform became widely used by Serbian consumers seeking to compare food prices between retailers during the inflation surge. The platform aggregates and compares pricing data across supermarkets, pharmacies, fuel retailers and other retail channels, effectively functioning as one of Serbia’s most visible consumer pricing databases.
The acquisition also reflects broader consolidation trends within Serbia’s retail and media sectors. WMG Media operates within the wider Wireless Media Group ecosystem controlled by Igor Žeželj, whose business interests span media, digital platforms and communications infrastructure.
The wider market implications extend beyond retail competition alone. Serbia’s food retail sector has become increasingly concentrated over the past decade, with a small number of large chains dominating urban consumer markets. Rising concentration has repeatedly triggered public debate over pricing power, supplier pressure and the ability of regulators to effectively supervise competitive behavior in the sector.
At the same time, ownership restructuring among major retail players reflects growing pressure inside Serbia’s retail market itself. High inflation, rising logistics costs, margin compression and changing consumer behavior have increased consolidation pressure across regional retail sectors throughout Southeast Europe.
The unresolved antitrust proceedings therefore continue to hang over a market already undergoing structural transformation. Until Serbia’s competition authority formally concludes the investigation, uncertainty will likely remain regarding whether authorities ultimately identified evidence of coordinated pricing behavior or whether the proceedings will gradually lose momentum without major enforcement outcomes.
