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On December 3, Saigontourist Cable Television (SCTV) officially announced the discontinuation of five K+ channels on its platform starting January 1, 2026.
SCTV cited a notification from VSTV, the operator of K+ in Vietnam, confirming that VSTV has decided to completely cease providing the K+ package from this date.
Announcement from SCTV
This marks the official end of K+’s operations in Vietnam after 16 years (established in 2009). The five K+ channels will remain available on SCTV and other platforms until December 31, 2025. From January 1, 2026, these channels will cease broadcasting on all platforms.
K+’s withdrawal follows a prolonged period of inefficiency and significant financial losses.
According to audited reports, by December 31, 2020, K+ had accumulated losses totaling VND 3,571 billion, reducing shareholders’ equity to -VND 3,227 billion. By the end of 2021, K+ (VSTV) recorded cumulative losses exceeding VND 3,800 billion (as per Vietnamese financial reports).
Annual losses ranged between VND 200–300 billion, despite annual revenues fluctuating between VND 1,000–1,200 billion.
Amid persistent financial challenges, major shareholder Canal+ (France), holding 49% of VSTV’s equity, repeatedly considered exiting the Vietnamese market due to “significant losses” and “no viable solutions.”
Canal+’s 2025 semi-annual report highlighted that operations in Vietnam were “significantly impacted by market volatility.” As of June 30, 2025, VSTV recorded a cumulative loss of €93 million (approximately VND 2,800 billion) attributed to non-controlling interests (NCI), down from €97 million at the end of 2024.
With Canal+ owning 49% of VSTV, the €93 million loss corresponds to the remaining 51% shareholders. Thus, as of June 30, 2025, VSTV’s total cumulative loss stands at approximately €182 million (nearly VND 5,500 billion).
Source: Canal+ 1H 2025 Report
K+’s launch in 2009 made waves with exclusive broadcasting rights for top global football leagues. However, the company was criticized for its slow transition to OTT platforms and severely impacted by piracy and copyright infringement.
Downsizing efforts intensified in late 2025: from October, K+ halted new sales of satellite (DTH) and internet (TV Box) packages; by November 20, renewal options were limited to monthly or until December 31, 2025; and in December, major distributors like FPT Play, MyTV, and TV360 ceased selling or renewing K+ packages on their platforms.
To support existing customers, SCTV announced a free package conversion policy for digital set-top box (KTS) users, aiming to retain subscribers and facilitate seamless transitions to alternative content packages.
A critical question remains: the fate of the English Premier League broadcasting rights, K+’s most valuable asset. While VSTV holds these rights until 2028, an official transfer announcement is expected following the cessation of operations.
Sources indicate that FPT Play is likely to take over the Premier League broadcasting rights in Vietnam, signaling a shift in premium sports content ownership domestically.
