Shareholders of struggling German pay TV group Premiere almost unanimously approved a new €412 million ($521 million) share issue late Thursday. The capital boost is a key part of restructuring plans set in motion by Premiere CEO Mark Williams. News Corp., Premiere's largest single shareholder, is completely backstopping the issue, pledging to buy up any unsold shares. Premiere shares were up 3.4% on the news to €1.85 ($2.33) by midafternoon Friday.
CTV future cloudy
The CTV network on Friday signaled that the ongoing recession is having a dramatic effect on its profits. "This year, we will lose a significant amount of money in conventional (TV)," Ivan Fecan, CEO at CTV parent CTVglobemedia, said in an internal memo. Fecan said the situation at the main CTV network is "alarming" thanks to the advertising downturn and continued audience fragmentation.
U2 stopped traffic in central London on Friday as it performed a short set on the roof of the BBC's Broadcasting House. Bono and company performed four songs as about 5,000 fans thronged the streets below; songs included "Get on Your Boots" and "Magnificent" from their new album "No Line on the Horizon" (Island/ Universal), plus the hits "Vertigo" and "Beautiful Day." The singer thanked the crowd "for sticking with us over the years."