Layoffs at Viaplay. One third of the crew lost their jobs. The streaming giant is sinking on the stock market

Viaplay Group was scheduled to release financial results for its fiscal third quarter of 2023 this week. However, the company decided not to disclose these numbers for now, and the report will be published with a month’s delay. Viaplay explains this by ongoing talks with three main shareholders and lenders regarding the recapitalization of the company.

At the same time, talks regarding the sale of some assets are still ongoing. Let us recall that in July this year, the Scandinavian streaming giant announced its plan to withdraw from several markets, including Poland. At that time, the company also announced the commencement of a group layoff procedure, which was to cover 25 percent of the company’s employees. Ultimately, the job cuts turned out to be even greater.

Since July, the group has already reduced its workforce by more than 30%, as well as scrapping several original productions and renegotiating a number of distribution partnerships

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Information about layoffs, as well as the decision to postpone the publication of the financial report, were met with a negative market reaction. On Tuesday, at the close of the Stockholm Stock Exchange, the company’s shares lost almost 19 percent. They are currently valued at 22.62 lacs. They have already lost more than 88 percent of their value in a year and are at their lowest level ever.

Viaplay Group on the Stockholm Stock Exchange Investing.com

Viaplay Group withdraws from Poland. What’s next for the Premier League?

The Viaplay platform came to Poland in August 2021. The Scandinavian company quickly managed to obtain the rights to broadcast popular sports competitions – including Formula 1, the football Bundesliga, the Premier League and the Europa League.

We still do not know what fate awaits the Viaplay platform on the Polish market. This includes both the resale of individual licenses and the takeover of the entire website with all licenses. It is worth recalling that shortly after announcing the plan to withdraw Viaplay Group from Poland and several other markets, Canal+ announced the acquisition of 12 percent of shares in the company, becoming its largest shareholder.

The CANAL+ Group, a leading pay TV player present in Europe, Africa and Asia, announces the acquisition of 12 percent. shares in the Viaplay Group, the leader of pay television in the Scandinavian countries

– Canal+ announced at the end of July. Some experts believe that the French company, which has been operating on the Polish television market for several decades, may be interested in taking over the Viaplay business on the Vistula River.