Nordic Leisure (NENT) Group is to be paid round $64M in damages from TV2 Danmark over an advert rebate dispute, settling a case that has been dragging for greater than 15 years.
The settlement of 600M Swedish Krona, which Deadline has transformed into {dollars} utilizing a forex converter, is larger than NENT’s annual working earnings for 2021.
The dispute involved TV 2 Danmark’s use of rebates on TV promoting between 2001 and 2010.
The declare was filed on the idea of a 2005 ruling by the Danish Competitors Council and finally discovered that TV2 had abused its dominant place within the Danish promoting market by providing its adverting prospects an annual rebate. This was deemed an infringement of competitors legislation guidelines and was upheld by the Danish Supreme Courtroom in 2011, inflicting NENT Group to undergo what it stated have been substantial losses.
This morning’s settlement was reached after “clarification of a number of basic authorized points,” in line with NENT, which runs streamer Viaplay, TV channels and a manufacturing firm.
“We’re happy lastly to conclude this very lengthy course of with an end result that’s financially constructive for our firm,” added NENT Group President and CEO Anders Jensen.
“It additionally serves as a robust message across the significance of honest competitors, and is due to this fact constructive for the broader Danish market.”
The cost might be reported in NENT’s Q1 monetary outcomes late subsequent month and comes because the group expands Viaplay into different territories, with 60 deliberate originals to premiere this 12 months, whereas it snaps up sports activities rights.
Yesterday, NENT Group proposed a rebrand to Viaplay Group, which might be made to shareholders in Might because it pivots focus to streaming.
