Premiere, the German pay-TV operator that was held responsible for the collapse of the Kirch Group, has announced a sharp fall in third quarter losses as it attempts to attract a buyer (see Struggling Premiere Goes Under The Hammer).
A cost cutting programme instigated by chief executive Georg Kofler saw net losses go down by 63% to E85.6 million. Premiere said that it had 2.44 million subscribers at the end of September and claims that it will reach its year-end target of 2.5 million ahead of schedule.
However, sales were up just 2.2% year on year to E206.4 million and the company is not expected to break even until the second half of 2004, by which time it expects to have 2.9 million subscribers.
