Viaplay Group AB, the Swedish streaming service offfering Premier League football to much of continental Europe, continues to attract new investors after its shares plunged more than 85% in the wake of a series of slashed financial targets.
(Bloomberg) — Viaplay Group AB, the Swedish streaming service offfering Premier League football to much of continental Europe, continues to attract new investors after its shares plunged more than 85% in the wake of a series of slashed financial targets.
The streamer now counts Prague-based PPF Group among its largest shareholders after the investment firm bought a 6.3% stake, according to a filing on Friday. The development comes a week after Vivendi SE-owned Canal+ acquired 12% of the shares in Viaplay, fueling takeover speculation and providing some relief to the battered stock price.
Last week also saw Stockholm-based Viaplay post a loss of 6.55 billion Swedish kronor ($621 million) for the second quarter—a result that raises serious questions over the company’s decision to expand rapidly into 13 markets in Europe and North America with media rights ranging from Bundesliga football to Formula 1 racing, as well as financing many of its own Nordic-language drama shows.Â
The strategy unraveled in early June when its chief executive was ousted and targets for 2025 were abandoned. Since then the company has put itself up for sale and is planning to exit several international markets. Fears of a breach of its debt terms also loom large.
The company’s shares gained 5.7% at 11 a.m. Stockholm time on Friday. Representatives for Viaplay and PPF declined to comment on the transaction.
Read More: Swedish Netflix Rival Puts Itself Up for Sale as Losses Jump
(Adds no comment from Viaplay)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.