Viaplay pushes back Q3 results again

Source: Viaplay

Troubled Nordic and international streamer Viaplay’s board has once again pushed back the publication of its Q3 numbers as it tries to arrange a recapitalisation.

The Viaplay board decided to reschedule the publication of its Q3 2023 financial results to after close of trading on NASDAQ Stockholm on Thursday, in order to continue discussions with its largest shareholders, debt providers and bondholders regarding the potential recapitalisation of the Group.

Viaplay had previously delayed its Q3 results at the end of October as it struck up talks with three of its largest shareholders and its creditors.

Viaplay said at the time that it was looking at the potential sale of some of its international operations as it refocused on the Nordic market and the Netherlands.

The streamer said at the time that it would publish its Q3s by November 29 at the latest.

As Viaplay’s stock tumbled following its dramatic change of management and warning about its prospects earlier this year, France’s Canal+ stepped into take a 12% stake, to be joined by Czech investment outfit PPF Group with a 6.3% stake and Schibsted with a 10.1% stake.

Viaplay had earlier announced plans to cut 25% of its staff and consider a potential sale of the company following the departure of former CEO Anders Jensen and the appointment of former MTG CEO Jørgen Madsen Lindemann in his place.

The company’s Q2 results sales rise by 16% to SEK4.6 billion (US$450 million) but operating income plummet by SEK6.5 billion to negative SEK5.8 billion, leading Viaplay to downgrade its guidance and predictions about future streaming subscriber numbers.