Update Premiere’s shareholders approve capital increase -
Premiere’s shareholders approve capital increase
The shareholders of troubled German pay-TV broadcaster Premiere have approved a planned capital increase of €412 million. At an extraordinary general meeting in Munich, 99.6% of the stockholders present gave the green light.
The capital increase is expected to be completed in the second quarter. “The approval of the capital increase gives us the opportunity to transform Premiere into a viable and successful company,” said CEO Mark Williams. “Following the recapitalization, we will be able to make the necessary investments in programming, sales and marketing, customer service and technology to achieve the required level of subscriber growth.”
With a re-launch supported by a large-scale marketing campaign Premiere expects to boost subscription sales in the third quarter, hoping to reach the financial profit zone in 2011.