Viaplay Sports UK Crisis - Deadline: Canal+ Takes Minority Stake In Viaplay

Story from Deadline:

Canal+ has taken a minority stake in embattled Nordic outfit Viaplay Group, which this morning announced it was making at least 25% of its workforce redundant.

The French giant issued a press release in the last few minutes stating: “CANAL+ Group, leading pay-TV player present in Europe, Africa and Asia, announces its acquisition of a 12% stake in Viaplay Group, leading pay-TV player in the Nordic countries.”

Financials of the deal were undisclosed. Canal+ and Viaplay already have certain territory agreements in place by which hundreds of hours of Viaplay’s content feature on the network in the likes of Austria and Poland.

Speaking earlier today during the unveiling of its Q2 results and strategic review, new Viaplay CEO Jørgen Madsen Lindemann revealed that the Scandi outfit was mulling a sale of either parts of the international Viaplay business, small stakes or the whole group.

Viaplay has been forced to retrench over the past few weeks following the immediate resignation of Lindemann’s predecessor amidst financial strife. It has now initiated a strategic review, announced the 25% layoffs and pulled its streaming efforts away from the likes of the U.S., UK and Germany.

Last month, Canal+ unveiled a 26% stake and staggered investment of $300M in Asian streamer Viu.