Cenoteka ownership shift adds to uncertainty in Serbia’s retail price-fixing probe

Serbia’s high-profile antitrust investigation into alleged retail price coordination is still without a formal conclusion, and fresh corporate changes linked to the case are keeping investors and market participants on edge. The latest development involves Cenoteka, a widely used price comparison platform that previously appeared in documentation connected to the probe.

Cenoteka becomes majority-owned by WMG Media

Newly disclosed ownership records show that Cenoteka has become majority-owned by businessman Igor Žeželj through his company, WMG Media. WMG Media acquired an 80% stake in Cenoteka on 29 January 2026. Founder Ognjen Grbović retained 20% and continues as director of the company.

Why the ownership change matters for the antitrust case

The shift would likely have attracted limited attention on its own, but Cenoteka was previously referenced in connection with Serbia’s major competition proceedings launched in October 2024. At that time, the Commission for Protection of Competition opened proceedings against four of Serbia’s largest retail chains—Delhaize Serbia, Mercator S, DIS and Univerexport—over suspicions that they may have coordinated prices for certain products through restrictive agreements.

Cenoteka was not formally accused of price coordination. However, it was cited as a “third party” in the commission’s announcement. Competition authorities also carried out unannounced inspections at Cenoteka’s premises alongside inspections at the four major retail groups.

More linked deals before any enforcement outcome

The timing of Cenoteka’s ownership change has intensified scrutiny because multiple entities connected to the original investigation have already altered their corporate positions or entered acquisition processes before any formal decision was reached. DIS has been acquired by Aman. Former Mercator S operations—now operating under the Idea brand—are being acquired by Alta Retail, controlled by businessman Davor Macura. With Cenoteka now joining that list, attention is focused on how far restructuring could proceed while antitrust proceedings remain unresolved.

No substantive updates nearly two years after launch

Nearly two years after the probe began, Serbia’s competition authority says proceedings are still ongoing but has declined to provide substantive updates on evidence, timelines or potential penalties. Consumer groups and market analysts have increasingly questioned whether a definitive conclusion will ever be delivered regarding alleged coordination of retail prices.

A sensitive role during Serbia’s inflation surge

Cenoteka’s sensitivity stems from its consumer-facing function during a period of exceptionally high food inflation in Serbia. The platform aggregates and compares pricing data across supermarkets, pharmacies, fuel retailers and other channels, effectively serving as one of the most visible consumer pricing databases in the country.

Broader consolidation pressures in retail and media

The acquisition also fits into wider consolidation trends across Serbia’s retail and media sectors. WMG Media operates within the Wireless Media Group ecosystem controlled by Igor Žeželj, whose interests span media, digital platforms and communications infrastructure.

More broadly, Serbia’s food retail sector has become increasingly concentrated over the past decade, with a small number of large chains dominating urban markets. That concentration has repeatedly fed public debate about pricing power, supplier pressure and regulators’ ability to supervise competitive conduct effectively.

With antitrust proceedings still hanging over a market undergoing structural transformation—from ownership changes among major retailers to shifting consumer behavior—uncertainty is likely to persist until Serbia’s competition authority formally concludes whether authorities found evidence of coordinated pricing behavior or whether enforcement momentum fades without major outcomes.