According to press reports, Premiere, the German pay-TV platform, has been sold to the private equity house Permira.
The
Financial Times claims that Permira will pay cash for a 70% stake in Premiere while the operator’s creditor banks take a 20% share as compensation in exchange for part of their E750 million in unpaid loans.
Premiere was put up for sale after the collapse of its parent company, Kirch Gruppe (see Struggling Premiere Goes Under The Hammer) and despite narrowing losses, is not expected to break even until 2004 (see Struggling Premiere Goes Under The Hammer).
