Viaplay Group CEO Anders Jensen is stepping down immediately amidst an economic downturn that is causing rapid deterioration in the ad market and subscriber churn.
Jensen is departing after five years and will be replaced by Jorgen Madsen Lindemann, the ex-CEO of the nordic TV outfit’s former parent company MTG.
Delivering the news via an update in the early hours of this morning, Viaplay posted expected Q2 sales of between 4.5BN ($420M) and 4.6BN Swedish Krona with negative EBIT of between 250M and 300M Swedish Krona.
Advertising revenues are expected to be down between 12% and 16% on an organic basis, due to the “sharp and rapid deterioration in the TV and radio advertising markets,” added the group, with an update on the medium term outlook set to be provided on July 20.
Read more on deadline.com
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