Premiere Posts Loss in Q4

17 February 2009

MUNICH: Premiere, the German pay-TV company which is part-owned by News Corp, posted a net loss of €114.3 million ($146m; £102m) in the final quarter of last year, but said that it hopes to return to profitability by 2011.

According to Premiere's figures, revenues fell by 25% in the last quarter of 2008 to €236.1m compared with the final three months of 2007, when it recorded a loss of €23.5m.

The company also lost over 135,000 subscribers during Q4 2008, taking its total direct subscriber base to 2.4m, while its number of wholesale customers fell by 99,000 to 691,000.

NewsCorp originally bought into Premiere in January 2008, with Rupert Murdoch arguing it had "enormous potential for growth", but the company's share value has fallen by 52% over the last 12 months.

Data sourced from Financial Times; additional content by WARC staff