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Canal+ invests in troubled streamer Viaplay

Financial details of the deal have not been revealed

French media company Canal+ has announced it has acquired a 12 per cent stake in Nordic streaming company Viaplay.

The company did not reveal the financial details of the deal.

Yesterday Viaplay announced it would be pulling out of the UK and United States as part of a major downsizing, which will see over 25 per cent of the company’s workforce laid off.

Canal+ is owned by Vivendi, its streaming service counts 25.5 million subscribers across 50 territories.

The French pay-TV group is also a majority shareholder in the South Africa-based platform MultiChoice.