Portal “Borba”

Borba was originally founded and owned by its former editor-in-chief, Dražen Živković. Živković worked for the newspaper "Dan" before this engagement, but was appointed editor of Prva Television in 2021. There is no publicly available information on the details of the change of ownership of the Borba portal.

There is some conflicting information about Borba. Miljan Žugić is listed as the CEO of Adria Management Services d.o.o., the publisher of the portal Borba, in the Central Register of Business Entities, but the tax authorities name Bratislav Stoiljković as the CEO of Adria Management Services. Media sources also indicated that Stoiljković was acting in this capacity. Media sources also noted that "Adria Management Services" was registered in Podgorica with foreign capital in 2012, and bought 100% of the ownership of Radio Jadran from Herceg Novi and 70% of the ownership of A1 Television. Information on the professional background and business interests of Stoiljković is scarce, but the media wrote about his involvement in politics as one of the people close to Serbian President Vučić. Montenegrin media reported that he was denied entry to Montenegro after the incident of his involvement in the local elections in Nikšić. In April 2023, he informed the public that he had resigned from the ownership of "Adria Management Services" and Adria TV.

In November 2019, the US Embassy in Podgorica accused the portal of being under the direct influence of the Kremlin.

According to SimilarWeb in the period from February to April 2023 the website had 4,18 million visits.

Key facts

Audience Share

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Active Disguise

in addition to unavailability of true data, ownership is disguised, e. g. through bogus companies, etc.

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Media Companies / Groups

Adria management Services


Ownership Structure

The owner of Borba is “Adria management services” d.o.o.

Voting Rights

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Individual Owner

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General Information

Founding Year


Affiliated Interests Founder

Miloš Janjušević

Owns 100% of the company and is considered the founder of the portal. There is no publicly available information about the owner's profile.

Affiliated Interests Ceo

Miljan Žugić

The CEO of “Adria management services” d.o.o. He is the president of the Board of Directors of the Adria Group, Adria Marketing & Media and Adria TV, making him very much involved in media management. He was recently elected as President of the Handball club Partizan.

Affiliated Interests Editor-In-Chief

Petar Bulatović

The editor-in-chief of Portal Borba, no additional information was found on his professional background.


Address: Pera Ćetkovića 86, Podgorica

E-mail: redakcija@borba.me

Phone number: 38269520049

Website: borba.me

Alternative e-mail address is enlisted on the central registry for business entities:


Financial Information

Revenue (in Mill. $)

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Operating Profit (in Mill. $)

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Advertising (in % of total funding)

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Market Share

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Further Information

Meta Data

The data on the media outlet was collected from the Central Registry of business entities of Montenegro, Tax administration portal Taxis, website of the media and desk research. Audience shares are missing, since there is no credible centralized audience measuring mechanism in the country.
MOM team in Montenegro contacted the media outlet on August 18, 2023, as is the practice for Media Ownership Monitor, to invite the media owners to proactively disclose information relevant to the study.
The annual average exchange rate of the Central Bank for 2022 was used to convert EUR into USD (1,05).