Oligarch law leads Poroshenko to sell media holdings

Former President Petro Poroshenko sold his holdings in
both Fifth Channel and Direct Media, Fifth Channel announced on Nov. 8. The TV
channels were brought under a new media holding called Free Media, which is
owned by “journalists, public figures, and opposition deputies who had been
journalists”. Furthermore, 10% of the holding’s shares are to be owned
collectively by Free Media staff. Poroshenko, his family, and related companies
are expressly forbidden from any form of control, either in ownership or
policy, over the holding.

The move took place as the new law against oligarchs
comes into force. In the announcement, the law’s attempt to segregate political
leaders and media is called an attempt to increase the government’s ability to
pressure media casting it in an unfavorable light.

Besides Poroshenko, European Solidarity MPs divested
themselves of shares in both media outlets as well.

James Hydzik: The transfer
of ownership does remove the direct and indirect protection of a key figure in
politics, and successive Ukrainian governments have shown that a free press has
needed protection. Fifth channel is likely to continue supporting Poroshenko
out of common interests. Moving from that position is likely to take a change
of editorial heads. Personnel changes might be more easily affected than direct
pressure.