News Corp. Ups Premiere Stake

MUNICH/NEW YORK: News Corporation has shelled out 115 million euros to increase its stake in the German pay-TV platform Premiere to 30.5 percent.

The move follows the platform’s second capital increase, with the issue of 367 million new shares at a price of 1.12 euros each, raising about 411.6 million euros. Of the new shares, 30.7 percent were acquired by News Corp., with the balance acquired by other shareholders. News Corp. was able to proceed with the acquisition after financial watchdog BaFin granted it an exemption from a rule mandating that an investor embark on a full takeover if its stake in a company tops 30 percent.

News Corp. has been steadily increasing its investment in the German pay-TV giant since first acquiring a 14.58-percent interest in January 2008. In September 2008, Mark Williams, the CFO for News Corp.’s operations in Europe and Asia, was tapped as the CEO of Premiere.