Swedish media company has completed its recapitalisation programme, which includes increased shareholdings for both Canal+ and PPF
By Jenny Priestley
Published: February 9, 2024 Updated: February 12, 2024
Swedish media company has completed its recapitalisation programme, which includes increased shareholdings for both Canal+ and PPF
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Viaplay Group has completed its recapitalisation programme, which included a $3.8 billion (SEK 4 billion) equity capital injection.
The programme includes increased shareholdings for both Canal+ and PPF, said the company.
Speaking about the recapitalisation, J rgen Madsen Lindemann, Viaplay Group president and CEO said it helps Viaplay address the company's immediate challenges, and enables it realise its long-term ambitions.
We are a more focused, realistic and agile player now, operating in markets that we know well, and where we have been very successful with relevant products at affordable prices that customers love, he added.
We have much more to do but the completion of this recapitalisation process, and commitment by our stakeholders to the future of Viaplay Group, are absolutely essential and very much appreciated. We are totally focused on rebuilding stakeholder value by continuing to take a broad range of operating and financial measures to drive higher growth, profitability and liquidity.
Viaplay spent much of 2023 dealing with the possibility of bankruptcy after reporting $23 million in operating losses during the second quarter of 2023.
A new CEO was appointed, and the company pulled out of the UK, United States and Canada as part of a major downsizing and made more than 25 per cent of its staff redundant.
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Swedish media company has completed its recapitalisation programme, which includes increased shareholdings for both Canal+ and PPF
