The Montenegrin government will offer only 51 percent of its shares in Pobjeda, the oldest state-run daily in Montenegro, in a bid to take the newspaper private.

Offering only 51 percent will allow the government to retain power over decisions about content, design and production, The Montenegro Times reported Monday.

German media group Westdeutsche Allgemeine Zeitung (WAZ) is the only outside investor so far. It currently has investments in Croatia, Macedonia and Serbia, among others. WAZ has analysed Pobjeda's media holdings, and met with the newspaper's management and the government's Agency for Economic Restructuring, according to The Montenegro Times.

According to terms for buying the remaining shares, the buyer must have a minimum of five years of media experience, zero losses in the past three years and a minimum turnover of €15 million, the article stated.