Viaplay Group reschedules publication of Q3 2023 financial results
Viaplay Group today announced that its Board of Directors has decided to reschedule the publication of its Q3 2023 financial results, pending the conclusion of ongoing discussions with three of the Group’s largest shareholders, its debt providers and bondholders regarding the potential recapitalisation of the Group, and the completion of ongoing discussions regarding potential sales of non-core international operations and potential partnerships in various of its markets. The results were due to be published tomorrow, Tuesday 24 October, and will now be published on or before Wednesday 29 November, with the precise timing to be confirmed in due course.
Viaplay Group announced a new strategy and plan in July, which included, but is not limited to, focusing on its core Nordic, Netherlands and Viaplay Select operations; implementing a new operating model; downsizing, partnering or exiting its other international markets; rightsizing and pricing its product offering in the Nordics; undertaking a major cost reduction programme; and conducting an immediate strategic review to consider all options including content sublicensing, asset disposals, equity injections, debt refinancing or the sale of the whole Group.
The Group has already reduced its workforce by over 30% since July, as well as discontinuing a number of original productions and renegotiating a number of distribution partnerships. The Group has also entered into an innovative new partnership with Formula 1 in the Netherlands, where Viaplay was launched in 2022.
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NOTES TO EDITORS
Viaplay Group AB (publ) is the international entertainment provider. Our Viaplay streaming service is available direct-to-consumer in every Nordic and Baltic country, Poland, the Netherlands, the UK, the US and Canada. Every day, millions of customers enjoy our unique entertainment offering, including acclaimed Viaplay Series, Films and more, and an unrivalled line-up of premium live sports. In addition, our innovative Viaplay Select branded content concept makes Viaplay’s compelling storytelling available to partners around the world. From streaming to TV channels, radio stations and production companies, our purpose is to tell stories, touch lives and expand worlds. Viaplay Group is listed on Nasdaq Stockholm (‘VPLAY B’).
This information was submitted for publication, through the agency of the contact persons set out below, at 22:15 CET on 23 October 2023.
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