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Nordic Entertainment to lay off staff, write down assets

Nordic Entertainment Group AB will reduce its workforce and write down the value of certain free TV content and other assets as part of a recent move to change its operating model.

Nordic Entertainment, or NENT, expects the job cuts to save about 250 million Swedish kronor, most of which will impact the company in 2020.

The decision to write down assets is partly due to the limited remaining value of historical free TV output deals with long-term series commitments, NENT said.

The changes are part of the company's move to offset U.S. dollar currency challenges and to continue investing in expanding ts Viaplay AB streaming service.

NENT will report a one-off charge of about 700 million Swedish kronor in its fourth-quarter 2019 financial results. The one-time fee comprises its redundancy costs and impairment charges.

The cash flow impact of the charge is expected to be about 250 million Swedish kronor.

The company's fourth-quarter 2019 results will also include advisory costs of about 15 million Swedish kronor related to the proposed combination of the Viasat Consumer business and Telenor ASA's Canal Digital.

As of Dec. 10, US$1 was equivalent to 9.50 Swedish kronor.