Canal+, a subsidiary of the Vivendi group, announced on Friday that it had strengthened its position as Viaplay's main shareholder following the finalization of the Swedish video streaming group's recapitalization plan.

In a brief press release, the French audiovisual group states that it now holds 29.3% of the capital of the Nordic video-on-demand platform, up from 12% previously.

For the record, Viaplay recently completed a SEK 4 billion (€355 million) recapitalization project that resulted in the restructuring of two billion in debt (€175 million), of which 500 million (€45 million) was converted into shares.

Maxime Saada, Canal+'s CEO, welcomed the prospect of a fresh start for the company.

With a well-balanced capital structure, a clear roadmap and a new management team, Viaplay has now laid the foundations for a successful turnaround", he said.

"Our group's support for Viaplay is a further illustration of our ambition to become a global player in video entertainment and to expand our international footprint, with a focus on Europe, Africa and Asia", he added.

On the Stockholm Stock Exchange, Viaplay shares gained 2.5% after this announcement, but are still down 99% since the severe downward revision of its June 2023 financial targets.

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