K+ lost thousands of billions of dong before stopping operations in Vietnam

(Dan Tri) - Recently, SCTV announced that it will stop providing the 5-channel K+ package from January 1, 2026 because K+ has stopped distributing it.

Saigontourist Cable Television Company (SCTV) has officially announced that it will stop providing the 5-channel K+ package on its television infrastructure from January 1, 2026.

SCTV said that Vietnam Satellite Digital Television Company Limited - the operator of K+ has decided to completely stop providing this channel package in the Vietnamese market. As for the copyright of the English Premier League, the holding unit will soon announce the next plan.

Currently, K+ has not made any official announcement, but before that, this TV channel had many moves to reduce the scale of operations. For example, from July 1, K+ announced to stop broadcasting many channels; from October 1, it stopped selling, renewing subscriptions and providing warranty for devices at K+ stores (K+ Store). Currently, the services provided by K+ are only displayed until December 31.

VSTV was established in 2009 as a joint venture between Vietnam Cable Television Corporation - VTVcab (under VTV) and Canal+ (France), one of the largest television service businesses in Europe. K+ TV channel provides pay TV services, with copyrights of leading football tournaments.

By 2013, VTVcab's capital was transferred to VTV. The company has a charter capital of 20.1 million USD, of which VTV holds 51% (equivalent to 10.2 million USD), Canal+ owns the remaining 49%.

The financial report shows that the company has been making losses for many years due to internal difficulties and fierce competition in the pay TV market. In 2019, the owner of K+ TV achieved net revenue of 1,160 billion VND, but had a loss after tax of more than 246 billion VND.

By 2020, VSTV's net revenue reached VND1,055 billion, down 9% and its after-tax loss increased by nearly 8% to VND265 billion. As of December 31, 2020, the company's accumulated loss was more than VND3,500 billion, bringing its equity down to a negative VND3,200 billion.

K+ has closed many agents in Vietnam (Photo: K+).

In 2021, revenue increased slightly by 2% to VND 1,071 billion but after-tax loss increased by nearly 30% to VND 342 billion. By the end of 2021, the owner of K+ recorded a total accumulated loss of more than VND 3,890 billion.

Currently, Mr. Axel Hugues Patrice Gallant (born 1973), French nationality, holds the position of General Director and Legal Representative of Vietnam Satellite Digital Television Company Limited.

Previously in August, sharing with decodeTV, Mr. Maxime Saada, CEO of Canal+ Group, a major shareholder in the K+ joint venture, said the company was considering withdrawing from Vietnam.

"We are now at a stage where the losses are already significant and the solutions are not yet clear. Canal+ may decide to significantly restructure its operations or even exit the business," he said.

Source: https://dantri.com.vn/kinh-doanh/k-lo-hang-nghin-ty-dong-truoc-khi-dung-hoat-dong-tai-viet-nam-20251205123423035.htm