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Czech firm PPG Group acquires minority stake in Viaplay

The logo of Sweden-based streaming service Viaplay. (Courtesy image)
The logo of Sweden-based streaming service Viaplay. (Courtesy image)C

Czech investment firm PPG Group has acquired a minority stake in Norwegian media firm Viaplay, The Desk has learned.

The investment was first disclosed this week in a filing made with a Swedish financial regulatory, which revealed PPG Group obtained a 6 percent stake in Viaplay for an undisclosed amount.

The acquisition comes about two weeks after French media conglomerate Canal Plus acknowledged it acquired a 12 percent stake in Viaplay.

After expanding its business to the United Kingdom, United States, Canada and other territories, Viaplay announced this summer it would restructure its company to focus on growth opportunities closer to home.

In July, Viaplay announced it was laying off around 25 percent of its workforce as part of the restructuring, affecting approximately 450 employees. It also said it was looking for a strategic partner or buyer for its British-based sports channel, and would wind down its business in North America.

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About the Author:

Matthew Keys

Matthew Keys is the publisher of The Desk and reports on the business and policy matters involving the broadcast television, streaming video and radio industries. He previously worked for Thomson Reuters, Disney-ABC, Tribune Broadcasting and McNaughton Newspapers. Matthew is based in Northern California, has won numerous awards in the field of journalism, and is a member of IRE (Investigative Reporters and Editors).