Bangladesh, Sept. 6 -- A series of protests has broken out across Europe and North America after revelations suggested that United Group, a Dutch-based media conglomerate, may be working in tandem with Serbias state-owned Telekom Srbija to weaken one of the last remaining bastions of independent journalism in the country. The controversy underscores the fragile state of press freedom in Serbia and the growing role of foreign companies in shaping its media landscape.

Outside a sleek office block near Amsterdams Schiphol International Airport, about 20 Serbian diaspora activists recently gathered to stage a protest against United Group B.V. Their presence, marked by handmade placards and a solemn moment of silence, was intended to draw att...