Good morning, ladies and gentlemen, and thank you for holding. At this time, all participants are in a listen-only mode. After the presentation, participants will have the opportunity to ask questions, at which time instructions for the question-and-answer session will be given. If any participant has difficulties hearing the presentation, please press star followed by zero for operator assistance. I will now hand the call over to your host today, Matthew Hooper, NENT Group Chief Corporate Affairs Officer.
Thank you very much, operator, and welcome, everybody. Thank you for joining this call at such short notice, especially on what we know is a busy day in the market. Last night, we announced a groundbreaking deal for NENT and Telenor, one that has been talked about for many years and is even more relevant today than ever before. So our President and CEO, Anders Jensen, will give you a quick overview of the transaction and highlight the key points before we take your questions. Also on the call today is our CFO, Head of Strategy and Head of M&A, Gabriel Catrina. We have made a slide pack available on NENTgroup.com/investors for your information, but in the interest of using our time today wisely, this call will not follow the slides. Now I will hand the call over to Anders for his comments.
Thank you very much, Matthew, and good morning, everyone. So last night's announcement of the proposed combination of our Viasat Consumer, satellite, and broadband TV business with Telenor's Canal Digital is a very important and significant milestone for us at NENT. The rationale for consolidation in the satellite pay TV market has been clear for a long time and has already taken place in almost all other territories around the world. We are operating in highly competitive markets with a number of large, local and international competitors, so it makes perfect sense to create a strong and independent satellite player that can compete even more effectively in this market. This will create more sustainable and efficient operations with substantial synergies and economies of scale that will enable the company to further invest in its future.
These investments in content, technology, marketing, and customer service will, of course, be of direct benefit to the customers of the joint venture, who will receive a simpler, more complete, and better service offering. Together with our friends in Telenor, we have now been able to reach an agreement that will enable us both to participate in the future of this exciting company on an equal basis by creating an independent 50/50 joint venture. This is our strategically preferred route to capture the synergies and create long-term value for all of our stakeholders. This combination also fits perfectly with our strategy to focus NENT Group even more on the substantial opportunity that we see in the streaming markets. What we are doing today is proposing a merger between our Viasat satellite and broadband TV business with Telenor's Canal Digital satellite business.
We will have a complete alignment of interests, as well as a shared vision for our brands, platforms, and products, and how to provide an even more enhanced consumer experience moving forward. This is a clear win-win transaction and therefore does not include any cash payment from either side to arrive at the 50/50 equity split. We will also both provide a suite of services to the new joint venture, us at NENT, in the form of the broad and rich variety of TV channels and streaming services, and Telenor in the form of long-term satellite distribution, and both of us in terms of cutting-edge technology service. Both Viasat Consumer and Canal Digital are present across the Nordic region, and our footprints are highly complementary, as Viasat is bigger in Sweden and Canal Digital is bigger in Norway.
The combined companies had little less than 1.3 million subscribers at the end of June. The base primarily comprises the satellite bases of the two companies, but also our fast-growing broadband TV business in Sweden. That's taking advantage of open fiber networks to provide bundled broadband, data, and TV services. But the upside is even greater than this, as the JV will offer all Canal Digital subscribers access to Viaplay, one of the leading streaming services in the region. So the JV will not only be a substantial buyer of our linear, free, and pay TV channels, but also market our Viaplay service offering direct to its satellite subscribers, effectively future-proofing the business to a much greater extent. This combination will create a scale player with combined sales of approximately SEK 7.6 billion.
This will provide the ability to make continued investments into the business in order to deliver an even better customer experience. The investments will be made into innovation, marketing, customer service, and tech support. The combination is expected to yield very sizable cost synergies of approximately NOK 650 million, which will have full effect from 2022. Combining transponders is one key area, but also combining product and tech investments, as well as delivering SG&A savings from combining central and common functions. There will also be significant revenue synergies from reduced churn in the joint entity due to enhanced and more flexible product offerings, as well as the upselling opportunity of pushing Viaplay to the Canal Digital subscriber base. We estimate that the integration and restructuring costs to arrive at these synergies will be approximately NOK 900 million.
This will be incurred in 2020 and 2021. The key areas here are the costs for migrating the Viasat subscriber base to the Telenor satellite platform. The JV will be financed by shareholder funding in the form of working capital, as well as its ongoing operating cash flow, so no external financing or borrowing is envisaged in the JV. The JV intends to distribute 100% of its available cash to its shareholders. From a governance perspective, upon closing, Bjørn Ivar Moen, who is the current CEO of Canal Digital and Telenor Broadcast, will become the CEO of the combined business. Our Viasat Consumer CEO, Jonas Gustafsson, will become the CFO and head of operations of the JV.
Both executives have extensive experience in the Nordic media, communications, and digital services market, and are the ideal team to successfully drive the integration and deliver on the strategic objectives and identified synergies. The other key management positions will be jointly appointed and announced prior to the completion of the transaction. The company will operate on an arm's length basis from both NENT Group and Telenor, and will be an open platform providing content from multiple providers. It will be headquartered in Stockholm and in Oslo, and we and all Telenor will have an equal number of board seats and a rotating chairmanship. We will not consolidate the sales of the JV, but we will report our share of the net earnings of the company as associated company income.
The associated company income will include the impact of assets amortization, charges arising from a purchase price allocation process, and we will also report a capital gain on the transaction, which is yet to be determined and will be treated as an IAC. Neither of these effects will impact the JV's cash flow. We will also provide key financial and operating KPIs for the JV in our quarterly reports moving forward after closing, in order to help you in tracking the performance and valuing the company. The merger is subject to regulatory approval by the European Commission. We do not envisage any filings with national authorities. The transaction is expected to close during the first half of 2020. We will revert with more information on the regulatory timeline and process as we go along.
So to conclude, this is a combination that makes commercial sense, it makes strategic sense, and it creates long-term value for both owners. It will create a more sustainable and efficient business, with the scale necessary to compete even more effectively and invest in an enhanced customer offering, and yield synergies that will enable the reinvestment, while also generating profits and cash flows that will be returned to the owners. And the 50/50 ownership and co-management setup will ensure a complete alignment of interest. I hope you will agree with me, on the strategic logic and rationale of this transaction.
It will also leave NENT Group as a simpler, more focused organization, that is no longer, in any way referred to as a traditional TV distribution business, while securing a large scale and long-term partner to make our linear and stream content offerings as broadly available as possible. This concludes our comments for now. Over to you, operator, to start the Q&A session, please.
Thank you. Ladies and gentlemen, we are now ready to register questions. If you'd like to ask a question, please press star one on your telephone keypad, and you will enter a queue. Should you wish to cancel, please press star two. The first question comes from the line of... Please state your name and company name. Go ahead.
Hello, can you hear me?
Yeah, we hear you fine.
Okay, this is Martin Arnell with DNB Markets.
Morning, Martin.
Hello. Just on this timing of this deal, and you mentioned it has taken long. And what's changed here in the near term for it to materialize now? Could you just highlight anything here?
Yeah, I think when we refer to that this has taken time, I think both the speculation and some discussions has been ongoing for many, many years in Telenor and MTG, as it was at the time. I think the reason why we have arrived at this very good solution now is that we have a complete alignment of interests. Timing is everything in all things. We have agreed on how to evaluate our respective businesses, which is, of course, key. And there are new players around the table. And we've had a very sort of constructive and quite efficient process together with our partner on this.
So, there are many things that has fallen into place, that for some reason that I don't know the reasons for, haven't happened in the past. So it's quite natural, actually, that this is happening now, I would say.
Yeah. That's, that's great, Anders. Thanks. And, and in this independent, separate company, how should we think about the, your existing content rights? Are there any complications there, to split it, from the existing group? And, and how, how are you solving that?
No. No. The joint venture will not sort of hold any of the rights that NENT Group have today. We are putting our distribution business into this joint venture. All content rights, everything that we deliver on a content basis, sits with NENT Group. And the joint venture will be a significant partner to NENT Group, distributing all of our content, our channels, Viaplay. And this is beneficial for both our MainCo , NENT Group, and for the joint venture. So the joint venture will not invest in content per se. It is a distributor along the lines of Com Hem and YouSee and others.
So, for us, it is sort of, it secures a very significant part of our distribution, and it allows us to be maybe even more forward-leaning and bullish around our investments in content as NENT Group.
... Okay, thanks a lot for clarifying. And then on the, you mentioned that you will offer Viaplay into the JV sub-network.
Yes.
How will that look, and can you share some color on how that will?
Yeah, what we bring to the table here, in our Viasat Consumer business is a lot of experience of the value that Viaplay brings to the Viasat Consumer businesses in terms of churn reduction, in terms of access to content in a very sort of positive and modern way. And we believe that that will resonate very well with the customers in Canal Digital who doesn't have Viaplay today. So it's a very efficient tool in reducing churn in what is a structurally challenged business, where sort of structural decline is happening. We have a fairly good view on the penetration of Viaplay, in obviously in the Viasat base, but also in the Canal Digital base.
So this is a combination of a significant churn upside for the JV, and obviously a sales upside for NENT Group on our Viaplay service. Exactly how it will look and how it will be offered to the customers, that we will obviously leave to the new management to sort out and for the board to approve.
Hmm. Okay. And just finally, on the ownership of the JV, 50/50, despite that Viasat is a lot smaller than Canal Digital, can you elaborate a little bit on the ownership?
Yeah. I think it boils down to a very constructive discussion on what values we bring to the table and the timing for the deal. And we think from our point of view, what we are bringing to the table justifies the 50% ownership without any true operating cash injections. So that has simply been a discussion between us and our partner to arrive at what we think is a very good deal for NENT Group.
Okay. Thank you, Anders.
Thank you.
The next question comes from the line of... Please go ahead announcing your name and company name. Please go ahead announcing your name and company name.
Hello, Mikael Laséen , Carnegie.
Morning, Mikael.
Morning. Great. So a couple of questions on the sales synergies. Can you explain how you will use Viaplay in this new joint venture company? So what this means in more detail, please.
Yeah, I think as I said to Martin's question, I think it is very much up to management now to sort of structure the proposition for the new combined customer base. We bring a lot of experience to the table of how Viaplay has been included as part of the proposition for our Viasat customers. And you can envisage something similar to the entire base going forward. It's not just Viaplay, it's also the Viasat channels, where we see a good sort of opportunity to increase the penetration of the channels. We do see sort of that... Gabriel, you may have something which is-
Yeah, sorry. I would like to add that it's not just about Viaplay when it comes to the sales synergies, but there will be less competition between Canal Digital and Viasat today when it comes to-
Okay.
Yeah.
Got it. Yeah, and another thing that I was thinking about is the other potential positive effects that you might have from this deal, and how you operate Viasat in Norway today, and what this means for your position there when this is... if it's finalized, I guess.
Yeah, well, as I mentioned earlier, this is very complementary, because of the different sizes of our respective businesses. So in Norway, Canal Digital is by some margin the largest business, and that will sort of take out the risk that we have as a smaller player, a subscale player, I would say, in the Norwegian market, and own 50% of a significant scale player. That is very positive for NENT. Vice versa, it is the same situation in the reverse situation for Canal Digital Viasat in Sweden, where Viasat is the bigger part, and you could argue Canal Digital is somewhat subscale. So for both parties here, we are taking out sort of negative scale situations in two of the largest markets.
Denmark and Finland are both fairly small for us, so that doesn't really move any needle there. But for Sweden and Norway, this takes out sort of negative scale situations for both players, and that is, of course, de-risking our and the partners' businesses.
Okay, got it. And what about your possibilities to improve your penetration in Norway in total, through Telenor, for example?
Yeah, I think we. There is a business as usual component to this, which is obviously not part of this transaction. That is our distribution agreement with Telenor as a partner going forward. And that is something that we've been discussing in parallel, and we worked on a little bit further on. But we have a very sort of, I would say, good and solid partnership with Telenor, also outside this new deal, and we'll share more flavor on that a little bit further on. But I think there is reason to feel sort of confidence around the sustainability of our Norwegian position as part of this whole transaction.
Okay. And just a final one. Cash flows in this type of satellite operation, can, can you say something about CapEx and sort of cash flow dynamics in general, please?
Well, the benefit of this is that it is proven technology with fairly low capital expenditures and investments. So what you will see is a company that sort of generates a lot of cash, and the most of the cost will come as OpEx, sort of enhancing and maintaining the services. But there is no big technical migration ahead of us after the sort of the satellite dishes have been turned. This is an ongoing concern with marginal tech investments going forward. But we can invest quite heavily in the user experience for these customers, keeping them sort of loyal to the new company for a longer time, and thus generating even more cash flow.
So it is when you have these structurally declining technologies and businesses, we put them together and give the customers a better experience, you will get more, even though it will continue to slightly decline. But we do believe it will decline slower as a consequence of this joint venture.
Okay, thank you.
Thank you.
The next question comes from the line of Rasmus Engberg. Please ask your question.
Yes. Hi, good morning. Nice to see this deal finally happening. It's been a long time. I just had a couple of questions. Firstly, there is a clear discrepancy in the historical subscriber numbers between your performance and Canal Digital. To what extent do you think this reflects that you include broadband customers, or is it some difference in the performance of the satellite offer as well?
Yeah, well, we have our satellite business structurally sort of under pressure and declining, and we have a growing broadband TV business that we've been talking separately about. And that, of course, impact the dynamics between us and our counterpart, which have a clear satellite-only business. So it's a little bit of apples and pears in that comparison. And that is obviously a degree of confusion that sort of disappears now as a consequence of this joint venture.
How much is your broadband base, roughly?
Well, we have roughly 130,000.
Okay.
broadband TV subscribers in Sweden.
Right. Okay. And, the second question, when does your satellite Transponder leases expire? So when can you sort of... Or how, how do you, how is this gonna work? Do you wait for the, the expiry of the current leases, or, or, or, you know, when can you start to reap some benefits?
Well, Rasmus, I can't give you sort of exact details on the third party sort of contracts here.
Okay.
But we do have sort of break losses and opportunities to do this in a way that we think is beneficial for the JV. And any cost associated with such change is taken in consideration in the one-off cost that we have talked about as part of the release, the NOK 900 million.
Okay. Thank you. That, those are all my questions.
Thanks, Rasmus.
The next question comes from the line of Tom Singlehurst. Please ask your question.
Oh, good morning. Tom here from Citigroup. A few questions, if I may. First one, just so we can benchmark it, and maybe you're gonna give us some more detail when you break out the KPIs, but what is the churn rate for Viasat at this stage? And what do you think a sort of meaningful target is on a, you know, two-year, three-year view? That was the first question. Second question, just conceptually, I know this is a bit unfair to ask it today, but obviously you're moving to a 50/50, sort of JV. I mean, conceptually, should we think about that as a 50/50 JV with a view to moving lower over time?
Or is this potentially something you'd consider sort of moving back up to being a consolidated operation? And then the final question is, to the extent that this generates obviously a meaningful amount of cash, which then gets brought up to the next level, what's the plans for cash usage? Is it deleverage, or is it... Is there anything else that you're particularly focused or planning on doing with that incremental cash flow? Thank you.
Okay. Thanks, Tom. Well, on the churn question, first and foremost, we haven't given sort of the specific churn numbers on our satellite business, and it would be a bit unfair to start to go into those kind of details now when we are moving into a joint venture. I think it's better that we come back post-closing, give you some historic data on both customer bases and give you some solid targets on where we think this JV is going in the future.
We have managed to reduce churn quite significantly in our satellite base on the back of what we mentioned earlier, a very strong content offering and using Viaplay as a key tool to retain customers longer, and this will benefit the whole joint venture, we think. So the way you should probably think about it for now is that both parties here sort of suffer on the structural decline on the satellite basis on different levels. And we will combined reduce that churn to meaningful levels, sort of increasing the life length of the customer base. So that's sort of the best answer I can give you today on that.
On your second question on ownership, we are committed to a 50/50 partnership. We don't see, like you say yourself, it's a bit premature to sort of speculate about how this will look in the future. We think the 50/50 is a perfect solution for now. And there is nothing, to be transparent, there is nothing in the back of my head saying that we should step up or down in this structure. This is the sweet spot for us, as we see it right now. And on your cash question, yes, it will generate sort of a very sort of healthy cash injection into NENT Group. It doesn't change the way we look at our cash generation.
We're using it for three things. We continue to sustain our dividend policy. We will continue to invest in content and tech, and this allows us to maintain a very sort of forward-leaning approach to that. And we will deleverage to levels that we think are the right ones for the group going forward. So this is, these are the three main sort of components, three buckets, if you will, for our cash use that we've been talking about since the birth of NENT. And this underscores and strengthens that sort of way of using cash, we think.
That's super clear. And just coming back on the second question, completely understand what you're saying about 50/50 being a sweet spot. Is there a lockup in place or are there any sort of provisions we should know about sort of regarding-
Yeah, without getting into too much details, you can assume naturally that in these kind of agreements between two parties, there are some lockup mechanisms, and there are also some very clear and decisive mechanisms of how we deal with any party wanting to sort of potentially sell down or exchange. But that is a discussion that we should have way into the future, not today.
Perfect. And one very final question: What's actually happening with the branding of the combined entity? Will it be a Canal Digital brand, or are you gonna be using the Viasat brand for the-
Well, we have two very well-invested brands that are well known for their customer proposition. What will happen with the brands and which will be sort of the brand used for this joint venture is to be decided, to be discussed, and to be decided. Of course, we can't rule out, and we shouldn't rule out, that there will be some sort of rebranding as part of this. In which direction it'll go, one of the two or even a completely new name, remains to be seen and something that we want sort of management to come back on and present to the board.
We have the Viasat brand also for our Viasat channels, as you know, and that is something we will look at to avoid any brand confusion in the future.
That's very clear. Thank you very much.
Thank you.
The next question comes from the line of Peter Teilsted. Please ask your question.
Hi, yeah, thanks so much. Just, if you can give any sense in terms of how the synergies will be used, especially in relation to your comments about managing down churn, to what extent you feel the synergies might be used in that direction? And then on the relative growth of the two businesses, I mean, looking at the financial figures described in the press release, it does suggest that the EBITDA margin of Canal Digital is under a bit more pressure than yourselves, as you've managed to churn down. Is there anything that you think we need to be aware of in terms of, you know, how their footprint has been overlapping with alternative customer opportunities, which need to be managed more explicitly?
And then lastly, on your free- to- air channel structure, the extent to which there's an opportunity within this, either within this arrangement or within other discussions in Telenor to assist your free to air business. Thank you.
Thank you very much for the question. On the first questions on the synergies, and I assume you talk about sort of the revenue synergies when we talk about churn reduction and the likes of that. And that is very much related to our use of content in general and Viaplay in particular to create a better and longer-term user experience. And that is then also spilling over to your second question on why the EBITDA in at least on and seemingly on the Canal Digital side is under a bit more pressure.
We have been very efficient in using our strong content position to give our Viasat customers a better than average experience, and access to content. And we believe extending that to the whole base here is a positive for the JV, and then feeds into your first questions on the revenue synergies that we see coming through, reduced churn. And your third question, that was... Can you please repeat it? Sorry, repeat your third question, please.
Sure. It was just related to the extent to which your, your free-to-air channel opportunity may be influenced by this, yeah.
Yeah, well, we see this new joint venture as a very strategic and relevant distribution partner for NENT Group, a partner that we will treat in the same way we will treat all of our other good partners that distribute our channels. And of course, we will make sure there is a good distribution agreement here, which we have taken care of as part of the joint venture negotiations. Then you have Telenor Romania as a partner, which is a separate discussion outside of the joint venture.
So if you sum it all up, this joint venture and all of the dialogues we have with Telenor and other partners in the markets give us additional sort of, you know, strength in how we see our carriage fees moving forward, for our free-to-air channels. And it is also a very good news for the penetration of the free-to-air channels, yielding sort of our reach ambitions for advertising sales, and even better footprint. So it's net-net, this is very positive.
... Okay, and sorry, the other part of the question around the synergies is also the extent to which the NOK 650 million might get used, for example, in purchasing more content, enriching content into Telenor. The actual cost synergies might also get used in terms of managing the revenue footprint inside the Telenor base. And related to that was also on the Telenor base, was there anything about, for example, increased overlap or extension of broadband offer in certain footprints in Norway, for example, which you needed to compete more effectively against in this fashion?
Well, I think part of the due diligence that we've done here, and why we have arrived at this, sort of, coming to an earlier question, why now? It is very complementary. The overlaps are not significant. There is good reason to think that this is not sort of something that will compete with other parts of our distribution network. And there are also areas where these technologies are used, where there are very few other alternatives. So, giving these customers a better experience, more access to more content, is what will reduce sort of the churn over time.
Then we will continue to work as NENT Group with all other distributors and Telenor, our partner, we will compete with this joint venture in their IPTV business. So nothing in the dynamics in the market changes as a consequence of this. We just put together two customer bases that will get a better experience and access to more content, better user experiences going forward.
Great. Okay. Thanks very much.
Thank you.
Thank you. Once again, ladies and gentlemen, if you wish to ask a question, please press star one on your telephone. Should you wish to cancel, please, please press star two. And the next question comes from the line of Patrick Wellington. Please ask your question.
Yeah, morning, everybody. Just a quick one on the cost savings. You've got SEK 650 million of cost savings. Did I miss the timing of that? How long will it take to bring that SEK 650 million to bear? And can you break it down a bit between the various areas? So you've got transponder, product and tech investments, and then you've got SG&A savings. So can you break it down between those? And for the satellite followers amongst us, I'm particularly interested in what you think your transponder savings might be. Presumably, you'll move off the SES Astra satellite onto your own capacity. Is that the plan?
Morning, Patrick. Yes, thanks for the questions. If I just take sort of your last question first. Yes, part of this transaction is a move from our current provider over to Telenor satellites, and that is part of the synergies. But we are not sort of ready to break the synergies down into details today for a number of reasons. One very important reason, we don't want to sort of allude to how much SG&A is as part of this, because that obviously entails impact of employees and other things. So it would be wrong of us to sort of give too much details and break down on that today. We will come back on that.
We expect the NOK 650 million run rate to be fully up and running at 2022.
Just quickly, how many transponders do you use at the moment?
Well, we can't give you that either, because that will also be competitive information concerning a third party that is not involved in this transaction. So, sorry, I can't give you an answer on that.
That's fine. Thank you very much.
Thank you.
The next question comes from the line of Henrik Møhring. Please ask your question.
Hi, good morning, everyone. I have to say congratulations to, to what looks like a fantastic deal.
Thank you. Morning.
Good morning. On the broadband TV, as I understand it, Telenor will keep their broadband TV business in both Sweden and Norway and other markets. Does this deal limit your opportunity to push for broadband TV in any markets?
No, it does not. Our broadband TV offering in Sweden that goes into this joint venture is delivered in partnership with IP-Only, so on a wholesale basis. So the open network structure in Sweden will allow the joint venture to continue to pursue this opportunity and compete with others in the market, including Telenor. So that doesn't change the dynamics at all, actually.
Okay, thank you. You mentioned churn reduction as one of the potential soft synergies in the deal, and it should partly come from the opportunity to bundle or upsell Viaplay into the Canal Digital footprint. But when I look at the satellite subscriber net losses in Viasat versus Canal Digital, if my numbers are correct, it looks like Canal Digital has been, you know, showing a better net, a lower net loss than what Viaplay has been doing, indicating that or what Viasat has been doing, indicating that Viaplay might not actually be a churn-reducing factor at all. How should we look upon the different net intake in Canal Digital and Viasat? Or is it a market mix difference that is behind this, or?
Yeah, I think there is both that and also the fact that we've been using Viaplay to reduce churn and to sort of yield benefits for our customers. Whereas I'm sure that Telenor owning Canal Digital has used their IPTV footprint and fiber rollout as a way of feeding customers from Canal Digital into that. So it's a little bit difficult to make an absolute comparison between the two. I think we and our partner are in full alignment that the full benefit of this joint venture is to look at this with fresh eyes once we start and see what kind of revenue, sorry, churn reductions we can actually create together with this new proposition.
Our assumptions based on our discussions now is that they could be quite significant.
... Okay, thank you. And looking at the EBITDA margin as well, as someone alluded to earlier here, I mean, you are substantially smaller, but it looks like your EBITDA margin is pretty much on par with Canal Digital. What is the factors leading you to look more efficient than what they are doing?
Well, I think that there is obviously a cost efficiency factor that will benefit the JV, thinking about how you can compare notes and see how we do things differently in the respective companies. And also coming back to your comment on churn, in the comparison, we've probably been working with pricing differently, in the two entities, where our sort of content proposition has allowed us to keep prices on a slightly higher level. So, there are many sort of elements that goes into this cocktail, and making sure that we mix the best one into the joint venture is exactly what this is all about.
Okay, thank you very much.
Thank you.
Thank you. That concludes the question and answer session. I now hand the call back to your host, Matthew Hooper.
Thank you everyone for your time and questions today. Please do follow up with Stefan or Emily in the IR team if you have any other requests. We will announce our Q3 results tomorrow morning, and therefore, hold another conference call, so we look forward to speaking to you again then. We will also be roadshowing in Stockholm and London, tomorrow and Friday, so I hope to see as many as possible of you face-to-face. Let me conclude by saying that today's news is yet another step along the clear strategic path that we set out earlier this year. We are moving fast, and the objective is very clear: to be the leading streaming company in the Nordics and the leading producer of Nordic content with a global appeal. That concludes today's conference call, so thank you, and speak to you again soon.
Thank you all.