Landmark deal in Romania’s media market: Țuca Zbârcea & Asociații advises Clever Media on its EUR 109 million acquisition of Doğan Media International
Țuca Zbârcea & Asociații has acted as legal adviser to the Clever Media group in connection with its agreement to acquire the entire share capital of Doğan Media International SA. The target company operates the Kanal D and Kanal D2 television channels, the Radio Impuls station and their associated digital division on the Romanian market.
The buyer, Romanian Content Project SRL, a company owned by Clever Media Network SRL and EAD.RO Interactive SRL, was advised by a multidisciplinary team from Țuca Zbârcea & Asociații specialising in M&A, Media and Competition/FDI. The share sale and purchase agreement was signed on 26 October 2026 with Doğan Holding, through its vehicles Doğan Media Invest BV and DHI Investment.
The transaction is valued at EUR 109 million, subject to contractual price adjustments, with the option to pay in instalments. Completion is conditional on clearance from the Competition Council, the Commission for the Examination of Foreign Direct Investments (CEISD) and the National Audiovisual Council (CNA), with Țuca Zbârcea & Asociații set to assist the buyer throughout these procedures.
The team acting on the buy side is led by Cătălin Băiculescu (Partner, Corporate/M&A and TMT), and includes Andreea Oprișan (Partner, Competition/FDI) and other lawyers from the firm. The firm’s work covers structuring the transaction, carrying out comprehensive legal due diligence, drafting and negotiating the transaction documents and representing the client before the regulatory authorities.
“Having worked alongside Clever Media for a number of years, we are delighted to have assisted the group in achieving this major milestone in its growth strategy. This is a significant deal for the Romanian media market and a highly encouraging sign for the country’s entrepreneurial ecosystem. We are grateful to our client for their continued trust and would like to thank our team for their valuable contribution. We look forward to guiding Clever Media as this project unfolds,” said Cătălin Băiculescu, Partner at Țuca Zbârcea & Asociații.
“The acquisition of Doğan Media International is a significant step forward in our strategy to expand and diversify across television, radio and digital platforms. Once again, Țuca Zbârcea & Asociații has proved a trusted partner and we thank the team for their exceptional support and expertise,” added Orlando Nicoară, Executive Director of Clever Media.
Upon completion of the transaction, Kanal D, Kanal D2, Radio Impuls and the related digital operations will join the Clever Media portfolio. The group comprises 18 television channels (Prima TV, Prima TV Moldova, Prima News, Prima Sport 1, Prima Sport 2, Prima Sport 3, Prima Sport 4, Prima Sport 5, Prima 4K, Agro TV, Medika TV, Cinemaraton, Cinemaraton Moldova, Cinemaraton Plus, Prima History, Prima Comedy, Prima World & Travel and Nostalgia TV) and 12 digital platforms (primatv.ro, primanews.ro, primasport.ro, primaplay.ro, primaworld.ro, profit.ro, cotidianul.ro, life.ro, medikatv.ro, agro-tv.ro, cinemaraton.ro and servuscluj.ro).