HELSINKI (Reuters) - Swedish streaming group Viaplay has completed a recapitalisation totalling 4 billion crowns ($381.7 million), it said on Friday, resulting in Canal Plus and the Czech Republic's PPF increasing their Viaplay stakes.
Vivendi (EPA:VIV)'s Canal Plus and PPF have, as a result of the deal, raised their stakes in Viaplay to 29.33% and 29.29%, respectively.
"CANAL+ Group welcomes the successful completion of Viaplay’s recapitalization. With now a sound capital structure, a clear plan forward and a new and committed management team, Viaplay has laid the ground for a successful turnaround," said Canal Plus Chairman and CEO Maxime Saada.
Under pressure to stabilise its business as rising living costs dent consumer demand, Viaplay in December said it would raise equity and restructure its debt, after repeatedly warning of a weakening business environment.
($1 = 10.4797 Swedish crowns)