MWE Networks has agreed to sell 80% of the Polish business channel Biznes24 to a fund managed by Tier Investment.
According to Wirtualne Media, Michal Winnicki, the founder and owner of MWE Networks, will no longer have any involvement in the channel while Roman Mlodowski will retain his 20% stake. It adds that a Leter of Intent signed on December 1 confirms the arrangements between the parties regarding the capitalisation of Biznes24 and the purchase of shares. Biznes24 was launched in March 2020.
Earlier, Wirtualne Media reported that Biznes24 had losses of PLN2 million (€431,000) last year.
Broadband TV News notes that no financial details of the transaction have been announced or reported.
