Investment in Viaplay weighs on Schibsted shares

Viaplay AB (publ)

13/09/2023 15:47

** Shares in Schibsted  SCHA.OL  fall 3%, narrowing earlier
losses of 5%, after on Wednesday the Norwegian media group
announced it acquired a 10.1% stake in the Swedish video
streaming company Viaplay  VPLAYb.ST  
    ** Given Viaplay's shares are down nearly 80% YTD, analyst
Øyvind Mossige from SpareBank 1 Markets says the timing of
Schibsted's entry could turn out to be highly attractive in a
one to two-years perspective
    ** He adds, however, that this it dependant on a complicated
restructuring at Viaplay which should include a significant
amount of new equity 
    ** "Adding a likelihood that Schibsted intends to increase
its ownership in Viaplay (goes into News Media which is defined
as core business), one could argue that this is a signal that
Schibsted also intends to sell more Adevinta shares," the
analyst adds
    ** SpareBank 1 Markets' take on the Schibsted/Adevinta play
is that the best place to be is Adevinta  ADEA.OL , Mossige says
    ** Shares in Viaplay are roughly flat at 1430 GMT, paring
earlier gains of as much as 6%

 (Reporting by Elviira Luoma)
 ((Elviira.luoma@thomsonreuters.com))