The first issue of Monitor was printed in Sarajevo in 20,000 copies and then distributed in Montenegro where it sold in symbolic numbers - only couple of hundred of copies. Although the magazine listed 76 individuals as its founders, in actuality only Miodrag Miško Perović and Stanislav Koprivica had actual influence on magazine's editorial policy. Following the poor sales of first issue, the magazine effectively went bankrupt and was only kept alive by individual donations. The next eight issues were also printed in Sarajevo. Since Koprivica also generously financed Liberal Alliance of Montenegro and Social Democratic Party, Monitor was in essence another arm of the same political front. Somewhat similar in tone and political stance to other liberal publications at the time in Yugoslavia such as Vreme from Belgrade or Feral Tribune from Split, Monitor was also very critical of the rising nationalism across the country, especially of the Slobodan Milošević-led authorities in SR Serbia. Furthermore, it also frequently criticized the SR Montenegro communist leadership, considering them to be Milošević's pawns. As the League of Communists of Montenegro transformed into the Democratic Party of Socialists of Montenegro in July 1991 and the country slid into the civil war, Monitor adopted a strong anti-war stance with pointed criticism of Montenegro's involvement and effort in it through the attack on Konavle and the Siege of Dubrovnik. Managed out of a family house in Podgorica's Dalmatinska Street, the magazine intensely criticized the ruling party DPS and its leading members: Montenegrin Prime Minister Milo Đukanović, Montenegrin President Momir Bulatović as well as the regime's chief ideologue and party's leader at the time Svetozar Marović. Its makeshift offices were even fire bombed during the Siege of Dubrovnik. During the same period, and especially following the creation of the Federal Republic of Yugoslavia after the 1992 Montenegrin referendum, Monitor was a strong supporter and advocate of Montenegrin independence, which even more aligned it politically and ideologically with LSCG and SDPCG. By spring 1994, Koprivica mostly ended his financial support of Monitor, which is when Miško Perović took over that aspect of running the magazine as well. Organizationally, the magazine was under the umbrella of Perović's Montenegropublic company. Although George Soros already had a prominent part in Monitor's financing through the local branch of his newly founded Open Society Institute network, this affiliation became even more pronounced after Koprivica left. In September 1995, the magazine's place in the Montenegropublic's organizational structure got changed when it was registered within the company as a distinct entity whose managing director became Željko Ivanović. On the same occasion, the same was done with Montenegropublic's other assets at the time: radio station Antena M and radio production studio Mouse. By the late 1990s most on the list of original owners signed their stake in the magazine over to Perovic who basically became the sole owner.
