Viaplay shares surge after Vivendi buys stake
21/07/2023 09:14
** Shares in Viaplay VPLAYb.ST surge 25% after French
media giant Vivendi VIV.PA has taken a minority stake in
Viaplay via its Canal+ division
** "Vivendi now has influence over anything that
happens next, as the Viaplay CEO breaks up the group and tries
to extract value," Jefferies says in a note
** Viaplay's Q2 report revealed a reorganization plan with
international market exits, 25%+ headcount reduction, asset
disposals, equity injections, and potential group sale
** However, Jefferies indicates Vivendi's Viaplay stake
doesn't seem to be takeover prelude, citing limited synergy and
small market overlap in Poland, Austria, and the Netherlands
** "The logic for Vivendi to acquire Viaplay would have to
be geographic expansion into the Nordics," the broker adds
** Viaplay has not been immediately available for comment
** Viaplay stock is on track for its best day ever, but far
from erasing Thursday's losses
(Reporting By Jesus Calero)
((Jesus.calero@thomsonreuters.com))