STOCKHOLM (dpa-AFX) - Swedish telecom company Telia Co. (0H6X.L, TLSNY.PK) said that the COVID-19 pandemic will have a negative financial impact on its TV & Media unit. So, the company said its 2020 outlook for Group EBITDA and operational free cash flow will not be reached.
Telia said it has witnessed a rapid decline in the advertising revenues, despite an increased TV consumption. In addition, the global cancellation of sporting events has had a negative impact on pay-TV revenues.
The company's board has decided to cut its dividend proposal to the Annual General Meeting to 1.80 Swedish kronor per share from the previous 2.45 kronor proposal.
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