The Belgrade-based broadcaster Studio B has been sold to the marketing agency Maxim media.

According to Balkan Insight, the deal, worth €530,000, is the largest to date in the recent media privatisation programme, with the sale of the news agency Tanjug and Novi Sad-based daily Dnevnik having failed.

Maxim media, which already owns four radio stations, was the only bidder for Studio B.

Studio B is a long-established TV and radio broadcaster and came to prominence during the Milosevic era in the 1990s.

The media privatisation programme has proved less successful than hoped, with only nine of 72 state owned assets sold to date. As a result, the deadline for the programme was put back from July 1 until the end of October.

The Studio B deal will still have to be approved by the Serbian regulatory authority.