Today, Viaplay announced huge losses and layoffs. The stock collapsed on the Stockholm stock exchange.
French The pay television company Canal+ Group announced on Thursday evening Finnish time that it will buy a 12 percent stake in the crisis-ridden media company Viaplay.
The company did not announce the transaction amount.
Viaplay, the leading pay television company in the Nordic countries, has run into serious financial problems.
According to the results report published by Viaplay on Thursday, the company made a loss of EUR 570 million in the second quarter. The loss includes write-downs and the costs of the redundancy program.
Viaplay the operating loss in the second quarter was 23.7 million euros.
Viaplay said that it was laying off as many as 25 percent of its staff and taking other cost-saving measures because of its situation. The company said earlier today that it is considering selling the entire group.
Viaplay’s stock fell 49 percent on the Stockholm Stock Exchange on Thursday.
In Finland, among others, Viaplay, which shows the NHL league, the Premier League, the skiing world cup and formula one, has been criticized for raising prices.
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