Viaplay: Schibsted media group (NOR) withdraws its 10.1% stake in the Swedish group

Norwegian media conglomerate Schibsted has withdrawn from the capital of Swedish audiovisual group Viaplay, it announced on 07/02/2024.

Schibsted had acquired a 10.1% stake in the group on 13/09/2023. "Viaplay's strong position as a streaming provider in the Nordics fits very well with our media operations, and we are confident that we, as a financially focused shareholder, can support value creation in the company," said Kristin Skogen Lund, CEO of the Norwegian conglomerate, at the time.

This announcement comes at a time when Viaplay has begun shutting down its streaming service in several territories since the end of 2023. The platform will be officially closed in Canada on 28/02 and in the United States on 29/02/2024. It was launched in these territories on 07/03 and 22/02/2023 respectively. On 20/07/2023, Viaplay initiated a programme to reduce its costs and lay off 25% of its workforce following poor financial performance.

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