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Viaplay Targeting Double-Digit Profit Margins In Five Years As Swedish Finance Authority Says Yes To Major Recap Program
Viaplay is targeting double-digit profit margins in five years’ time following the recapitalization program that it hopes will end months of strife, although it has once again downgraded fina…
The Scandi outfit delivered the lofty ambition as the Swedish Financial Supervisory Authority approved its major recapitalization program, paving the way for new shares to be issued and traded on the Stockholm stock exchange. The move for now ends a nightmare few months for Viaplay, and CEO Jørgen Madsen Lindemann said the recapitalization will “secure the future and provide the opportunity to rebuild stakeholder value.” “We continue to take a broad range of operating and financial measures to improve our growth trajectory, profitability and liquidity,” he added. Lindemann acted with haste, forging a brutal redundancy plan that has seen around one-third of employees laid off and the pulling out of less crucial markets such as the UK, U.S. and Baltics, while massively reining in spending especially on splashy scripted originals.
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