Viaplay delays Q3 results, with talks over recapitalisation and sale of international operations

Source: Viaplay

Nordic streaming provider Viaplay Group has delayed the release of its Q3 2023 financial results, following ongoing talks with three of the company’s largest shareholders, its debt providers and bondholders.

The company revealed it is mulling over plans on a recapitalisation of the group and the potential sale of its non-core international operations.

The results which were due to be published tomorrow, have been pushed back to next month, the latest by November 29.

In July, Viaplay said it will focus on its operations in the Nordic regions and the Netherlands, exiting its other international markets such as the Baltics, UK, US, Canada and Poland. The new strategy review included cuts across its staff force and the company undertaking a major cost reduction programme.

The Group has reduced its workforce by over 30% since July, as well as discontinuing a number of original productions and renegotiating its distribution partnerships.

Viaplay’s Q2 results, saw sales hit SEK4.6bn  ($450m), up 16% from SEK3.7bn  on the previous year, but negatively impacted by a 16% drop in ad revenue. Viaplay’s Q2 operating income plummeted by SEK6.5bn ($630m) on the quarter, with a net income of minus SEK5.8bn ($560m).

French media giant Canal+ has bought a 12% stake in the struggling streamer, with Czech investment outfit PPF Group taking a 6.3% stake and Norwegian international media group, Schibsted acquiring a 10.1% stake in Viaplay.