Borcic held the director's post for 18 months and was dismissed, according to the Supervisory Board, because of insufficiently restructuring the company, signing a damaging contract with the free newspaper Metro, exceeding his authority and meddling with the owners' powers.
The US investment fund Media Development Load Fund has a 30 per cent share in Novi List.
Borcic said his dismissal was the end of a months-long situation in which "the chairman of the Supervisory Board did everything to have the chairman of the management board disqualified and replaced".
Novi List earned about 160 million kuna last year, making more than 10 million in profits. It has a circulation of about 50,000.
(EUR1 = 7.35 kuna)