STOCKHOLM, Nov 29 (Reuters) – Crisis-hit Swedish streaming group Viaplay (VPLAYb.ST) has agreed to promote Premier Sports in Britain to SSBL, from which it purchased the TV channel final 12 months, enterprise day by day Dagens Industri reported late on Wednesday.

Viaplay introduced its entry into Britain in July final 12 months with the acquisition of the channel, and unveiled plans to enter a number of new markets within the face of extra competitors from the likes of Netflix and HBO Max.

Slammed by a drop in demand, nonetheless, in July this 12 months it stated it might shift focus in the direction of its core Nordic, Netherlands and Viaplay Select operations, whereas contemplating downsizing, partnering, or exiting different markets.

“We have agreed to sell our British operations back to the previous owners SSBL Ltd (Premier Sports). This is in line with Viaplay Group’s strategy and plan that we presented in July,” Dagens Industri quoted a Viaplay spokesperson as saying.

Viaplay, which is scheduled to report quarterly earnings on Thursday after delays, didn’t instantly reply to a request for remark.

The group said in October it was in talks with three main shareholders in addition to lenders and bondholders concerning a possible recapitalisation of the group, and was additionally in discussions to promote non-core operations.

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