Viaplay drama continues after Deadline – E24

Viaplay drama continues after Deadline – E24

The energy giant has not yet submitted its quarterly report, which was scheduled to be submitted on Thursday evening. “If you keep asking questions, I will hang up,” a company spokesman told a Swedish online newspaper last night.

Published:

After two postponements, Viaplay was scheduled to present its quarterly report on Thursday evening.

At 06:00 on Friday morning, that had not happened yet. The company has not yet provided any information about why the report was not submitted.

Swedish website break it I reached out to a Viaplay Investor Relations spokesperson after midnight.

We will not make any comments in this case. If you continue to ask questions, I will hang up,” a spokesperson told Breakit, who wrote that the person seemed “visibly stressed.”

Since the company did not submit the report on Thursday, the company missed the deadline set by the Nasdaq stock exchange in Stockholm for corporate earnings reports. This requires the report to be submitted no later than two months after the end of the quarter.

Viaplay has repeatedly stated that the delay comes due to ongoing negotiations with its largest shareholders, lenders and bondholders regarding a potential recapitalization of the company.

Ready to sell a business in the UK

Viaplay entered the UK market in 2022 with the purchase of TV and streaming service Premier Sports.

Viaplay confirmed to the Swedish newspaper that it now wants to get rid of the company again Industry today Wednesday evening. It was not clear how much Premier Sports would pay to buy back the company. The streaming service focuses on soccer, rugby, and ice hockey, among others.

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Economic problems

Viaplay is facing major financial problems, which has already become known this summer.

The stock is down nearly 90 percent since the beginning of June.

The company lowered its forecast for 2023, announced widespread layoffs, and the resignation of the CEO with immediate effect. In July, Viaplay announced that it was laying off more than 25% of its employees, and that they were considering selling the entire company.

In the fall, Schibsted surprised by buying 10% of the crisis-hit company, at that time for an investment amount of approximately 400 million Swedish krona.

However, Schibsted has no intention of taking full control of Viaplay, as the CFO previously said. In the third quarter, the company incurred a loss of $96 million related to the market value of the purchase.

E24 is a wholly owned subsidiary of the Schibsted Group. Schibsted owns about 10 percent of Viaplay shares. Some E24 journalists own shares in Schibsted through the group’s stock savings scheme for employees.

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Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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