Viaplay acquires remaining stake in satellite firm Allente for $110 million

Viaplay Group announced July 17, 2025, its acquisition of Telenor's remaining 50% stake in Allente Group for SEK 1.1 billion ($110 million), marking a significant consolidation move in the Nordic media landscape. The acquisition transforms Viaplay from co-owner to sole proprietor of the satellite television provider serving Denmark, Finland, Norway, and Sweden.

The Swedish streaming company will finance the transaction through available cash and a new SEK 1.726 billion term loan facility. Regulatory approvals remain pending, with transaction closure expected during the second half of 2025. Bondholders representing over 50% of outstanding amounts in each bond loan have provided irrevocable undertakings supporting the proposal.

Allente emerged in 2020 through the merger of Canal Digital (Telenor) and Viasat (then Viaplay), establishing a joint venture between the Norwegian telecommunications company and the Swedish entertainment group. The satellite television provider operates across the Nordic region with approximately 840,000 subscribers, offering satellite DTH, IPTV, and streaming services.

Financial performance data reveals Allente generated SEK 6.5 billion in revenues during 2024, representing roughly one-third of Viaplay's total revenue. The company reported EBITDA of SEK 996 million and free cash flow of SEK 1.1 billion for the same period.

Jørgen Madsen Lindemann, President and CEO of Viaplay Group, described the acquisition as "a natural evolution of the successful long-term partnership between the companies." He emphasized expectations for expanded customer bases and enhanced product offerings across Nordic markets through combined operations.

Dan Ouchterlony, EVP at Telenor Amp, acknowledged the strategic realignment: "As the company enters its next chapter, there is a better fit with Viaplay's strategy than with Telenor's."

Financial restructuring accompanies acquisition

Viaplay has renegotiated existing bank agreements to accommodate the transaction and establish a new working capital facility equivalent to SEK 2.5 billion. The company will simultaneously cancel its existing EUR 646 million guarantee facility, reducing total committed credit facilities by SEK 3.4 billion.

Long-term indebtedness will reach approximately SEK 6.1 billion following transaction closure. Management positions the restructured financial arrangements as strengthening Viaplay's credit profile while preparing for future debt refinancing initiatives.

The acquisition prompted Viaplay to revise its 2025 financial outlook upward. Pro forma core net sales are projected between SEK 21.0-22.0 billion, with pro forma core EBITDA before associated company income and items affecting comparability estimated at SEK 0.8-1.1 billion.

Long-term guidance underwent simultaneous adjustment. Core organic sales growth targets now reflect "on average flat" performance across 2025-2028, while core EBITDA margins are expected to reach double digits by 2028. Adjusted Group Operating Free Cash Flow is projected to increase gradually year-over-year.

Market context shapes consolidation strategy

The acquisition occurs against evolving Nordic media consumption patterns documented by industry research. Streaming services captured record viewing shares during 2024, while traditional linear television faces continued pressure from on-demand platforms.

Connected television advertising infrastructure has simultaneously expanded across European markets. Hardware-level integrations now enable direct access to streaming content through dedicated remote control buttons, reducing friction between viewers and content discovery.

The Nordic television landscape demonstrates particular complexity with cable and satellite services maintaining significant market positions alongside growing streaming adoption. Recent data from Poland, representing comparable European market dynamics, showed cable and satellite platforms dominating viewing shares despite streaming growth.

Programmatic advertising capabilities continue expanding across streaming platforms, with major services including Netflix opening inventory to multiple demand-side platforms throughout 2024. This development creates additional monetization opportunities for content providers while enhancing targeting precision for advertisers.

Implications for digital marketing ecosystem

The Allente acquisition positions Viaplay to leverage combined television distribution and streaming capabilities across Nordic markets. This integration enables unified audience targeting across linear television, satellite services, and digital streaming platforms.

Connected television advertising represents a critical growth area for European marketers as viewing habits shift toward streaming consumption. Viaplay's expanded control over Nordic distribution infrastructure provides enhanced inventory access for programmatic advertising campaigns targeting the region.

The transaction exemplifies broader industry consolidation trends as media companies seek scale advantages in competing against global streaming platforms. Combined operations may enable more competitive content acquisition strategies and improved advertising inventory packaging for multinational campaigns.

Regional content providers face increasing pressure to secure distribution advantages as competition intensifies from international streaming services. Viaplay's acquisition strategy demonstrates prioritization of market position over immediate profitability metrics.

Premium broadcaster inventory continues commanding significant value within programmatic advertising ecosystems. RTL AdAlliance's recent platform launch illustrates how traditional media companies are developing self-service capabilities to compete effectively in automated advertising markets.

Timeline

• 2020: Allente Group established through merger of Canal Digital (Telenor) and Viasat (Viaplay)
• 2024: Allente reports SEK 6.5 billion revenue, representing one-third of Viaplay's total
• July 17, 2025: Viaplay announces acquisition of Telenor's 50% stake for $110 million
• July 30, 2025: Early bird fee deadline for bondholders supporting transaction
• August 5, 2025: Final voting deadline for written procedures
• Second half 2025: Expected transaction closure following regulatory approvals

Key Terms Explained

Connected Television (CTV) Advertising: Digital advertising delivered through internet-connected television devices and streaming platforms. CTV advertising enables precise audience targeting and real-time campaign optimization while reaching viewers on large screens. This format combines the visual impact of traditional television with the targeting capabilities of digital advertising, making it increasingly valuable for marketers seeking premium inventory access.

Programmatic Advertising: Automated buying and selling of digital advertising inventory through real-time bidding platforms and demand-side platforms. Programmatic technology enables advertisers to purchase specific audience segments rather than broad demographic categories, improving campaign efficiency and reducing manual negotiation processes. The approach has expanded from display advertising into video and connected television environments.

Satellite Television (DTH): Direct-to-home satellite broadcasting technology delivering television signals directly to consumer premises via satellite transmission. DTH platforms provide extensive geographic coverage and support high-definition content delivery across multiple channels. For advertisers, satellite television offers access to premium content environments and established audience measurement systems.

Premium Inventory: High-quality advertising placements within established media properties that command higher pricing due to audience quality, content environment, and brand safety considerations. Premium inventory typically includes major broadcaster content, live sports programming, and original series productions. Advertisers value premium placements for enhanced brand association and reduced fraud risk compared to open marketplace inventory.

Audience Targeting: Marketing practice of identifying and reaching specific consumer segments based on demographic, behavioral, geographic, and psychographic characteristics. Advanced targeting capabilities enable advertisers to deliver relevant messages to high-intent audiences while minimizing waste on uninterested viewers. Connected television platforms increasingly support sophisticated targeting options previously available only in digital advertising.

Streaming Services: On-demand video platforms delivering content through internet connections rather than traditional broadcast or cable distribution. Streaming services have transformed viewing habits by enabling time-shifted consumption and personalized content recommendations. For marketers, streaming platforms provide detailed audience data and flexible advertising formats ranging from pre-roll to interactive placements.

Nordic Markets: Collective reference to Denmark, Finland, Iceland, Norway, and Sweden, representing economically developed European territories with high digital adoption rates and strong purchasing power. Nordic consumers demonstrate above-average streaming service adoption and connected device usage, making these markets attractive for digital advertising investment. Regional content preferences create opportunities for localized marketing strategies.

Linear Television: Traditional television broadcasting model delivering scheduled programming through cable, satellite, or terrestrial transmission methods. Linear viewing requires audiences to watch content at predetermined times, contrasting with on-demand streaming consumption. Despite streaming growth, linear television maintains significant reach for live events and breaking news content.

Market Consolidation: Business strategy involving mergers and acquisitions to achieve scale advantages, reduce competition, and improve market positioning. Media industry consolidation enables companies to negotiate better content licensing terms, achieve operational efficiencies, and compete against global platforms. For advertisers, consolidation can create larger inventory pools while potentially reducing supplier diversity.

Revenue Diversification: Strategic approach to generating income from multiple sources rather than relying on single revenue streams. Media companies pursue diversification through subscription services, advertising sales, content licensing, and merchandise opportunities. This strategy reduces business risk while creating multiple touchpoints for advertiser partnerships and audience monetization.

Summary

Who: Viaplay Group acquiring Telenor's 50% stake in Allente Group, with 840,000 subscribers across Nordic markets

What: $110 million acquisition creating sole ownership of satellite television provider, accompanied by financial restructuring and revised guidance

When: Announced July 17, 2025, with closure expected during second half 2025 pending regulatory approvals

Where: Transaction covers Denmark, Finland, Norway, and Sweden, where Allente operates satellite and streaming services

Why: Strategic consolidation enables enhanced market position against international streaming competition while providing unified advertising inventory across television and digital platforms