Premiere Records 89.1 Million Euros Loss

MUNICH, November 14:
German pay-TV platform Premiere reported stable third-quarter revenues of 244.6
million euros, but posted a net loss for the period of 89.1 million euros,
versus its 100,000 euros profit this time last year.

The
company's net debt at the end of the quarter stands at 307 million euros. The
platform has agreed to a pre-emptive waiver of an upcoming debt covenant breach
with its bank syndicate and is in ongoing discussions regarding a restructuring
of existing debt facilities and its overall funding needs.

With
a new subscriber classification system in place, Premiere reported a total of
2.4 million direct customers at the end of the quarter, with a monthly ARPU of
23.9 euros.

Mark
Williams, the CEO of Premiere, said, "We are making good progress with our
strategic review and have begun implementing some key changes. We are now
focusing our subscriber acquisition activity exclusively on monthly contract
subscribers and have terminated most other offers. A prerequisite to renewed
growth was closing the security gap in early November. We are continuing to
expand our programming offer for our customers and over the Christmas period we
have a very strong lineup of great movies."

—By Mansha Daswani