(News Bulletin 247) – Canal+ has taken a 12% stake in Viaplay, a pay TV specialist in the Nordic countries, the Vivendi subsidiary announced on Thursday evening.
The announcement caused the Viaplay share price listed on the Stockholm Stock Exchange to jump by more than 30% in early trading on Friday morning.
The transaction comes as Viaplay has had a tough year so far, with the media group lowering its annual targets before withdrawing them altogether earlier this month in the face of revenue pressure and rising fixed costs.
The entertainment platform – which had to appoint a new general manager and resign itself to launching a new strategic plan that must include workforce reductions – had fallen by more than 40% yesterday following the publication of disappointing quarterly results.
Since the beginning of the year, its share price has plummeted by 82%.
In Paris, the title Vivendi also reacted favorably to this announcement, posting a gain of 1.6% at the start of the session.
Financial terms of the transaction were not disclosed.
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