Viaplay withdraws 2023 full year outlook, appoints interim chair

Nordic operator Viaplay Group has announced it has withdrawn its full year 2023 outlook, following a review of the Group’s operations and performance by the recently appointed CEO Jørgen Madsen Lindemann and its new management team.

The company said there is no change to the Group’s Q2 2023 guidance and will provide an update on its strategy and medium-term outlook in conjunction with the announcement of its Q2 results on 20 July 2023.

Madsen Lindemann was appointed as the new president and CEO in June, replacing Anders Jensen. In his new role, Madsen Lindemann immediately initiated a review of the Group’s operations.

Viaplay said, “The withdrawal of the 2023 outlook is one outcome of this review, and reflects a significantly weaker forward revenue and earnings outlook for the Nordic operations in particular, as the increase in largely fixed content costs in particular is not matched by sufficient revenue growth or cost savings.

Viaplay Group announced last month a new Nordic country-based operating model and changes to its executive management team. The model will be based around country management teams with full responsibility for the daily operation and strategic development of the businesses, including full line of sight and accountability for sales, costs, profitability, cashflows, content, marketing and people operations.

Madsen Lindemann will become interim CEO of the Swedish and Finnish operations while the search is made for a permanent appointment. Lars Bo Jeppesen has been named as EVP and CEO of the Danish and Icelandic operations and will join the group on August 1, with Kenneth Andresen to serve as interim CEO of the Norwegian operation.

Peter Nørrelund, who returned the Group as EVP and chief sports & business development officer, will also oversee operations in the Netherlands, Poland, Baltics, and the UK.

In a statement Viaplay said, “The Group’s new management team is taking a broad range of actions to address the underlying deterioration in earnings. These measures will be presented on 20 July and include an ongoing redundancy programme, content savings initiatives, a review of the international operations and non-core assets, and discussions with distribution partners.”

Elsewhere Viaplay has named existing non-executive board director Simon Duffy as interim chair. Duffy takes over from Pernille Erenbjerg’s depature who steps down from the board with immediate effect due to ill health. The company looks to appoint a permanent successor.