Schibsted buys 10% stake in media group Viaplay

COPENHAGEN (Reuters) - Norwegian media group Schibsted said on Wednesday it has bought a 10.1% stake in Sweden's Viaplay, sending shares in the troubled Swedish media company up nearly 5% by 1316 GMT.

"Schibsted has a long history of investing in companies close to our core that benefit from our strength, and of seizing opportunities which arise in more uncertain times," Schibsted CEO Kristin Skogen Lund said in a statement.

"Viaplay's strong position as a streaming provider in the Nordics fits very well with our media operations, and we are confident that we, as a financially focused shareholder, can support value creation in the company," she added.

Vivendi's CANAL+ Group in July bought a 12% stake in Viaplay, after the Swedish group announced a reorganisation plan and job cuts affecting more than 25% of its staff.

Shares in Schibsted fell 5% by 1316 GMT on Wednesday.

(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)