08.16 Europe/London, August 29, 2011 By Chris Dziadul

Telekom Srbija has become the majority owner of the Arena Sport TV channels, paying €7.7 million for a 51% stake.

According to TeVe, it now plans to invest €12 million in the four channels, which are distributed via the Polaris Media platform by Hellas Sat 2 and Max TV on Eutelsat W2 at 16 degrees East and distributed by many cable and IPTV operators throughout the former Yugoslavia.

Telekom Srbija and Arena Sport TV are now planning a number of new projects in Serbia, Montenegro and Bosnia & Herzegovina.

Telekom Srbija, which is owned by the Serbian state (80%) and Grece’s OTE (20%), already operates an IPTV platform named Open TV.

It had over 95,000 subscribers as of Q1 this year.