Poland’s 4fun Media is to sell its subsidiaries 4fun and Cupsell to Epicom, its majority (61.57% shareholder).
4fun operates the music channels 4fun.tv, 4fun Dance and 4fun Kids, while Cupsell is an e-commerce company. The former will be sold for PLN5.36 million (€1.19 million) and latter for PLN676,700.
In a statement, 4fun Media’s board says that “the overriding goal of the sale of shares in subsidiaries is to obtain funds necessary to continue the operations of the Issuer’s Capital Group and to maintain financial liquidity in the conditions of economic uncertainty caused by the Covid-19 pandemic and its expected impact on the Company’s operations in subsequent reporting periods, especially in the first half of 2021”.
