Premiere results worse than feared<br />
Reports Q3 loss of $111 mil, revenue dip of 3%
COLOGNE, Germany -- Premiere booked an 89 million euros ($111 million) loss in the third quarter and saw revenue dip 3% to 245 million euros ($305 million), figures even worse than most analysts had expected.
For the full year, Premiere is forecasting an operating (EBITDA) loss of 40 million euros-60 million euros ($50 million-$75 million). But CEO Mark Williams said he expects a strong Christmas will allow the German pay TV group to top 1 billion euros ($1.24 million) in revenue for 2008.
Premiere's future depends to a great extent on its success in the latest round of bidding for German soccer rights. The group has until Nov. 21 to submit an offer for the prized Bundesliga rights. Competition is fierce. In addition to the usual troop of German broadcasters and telcos, international companies, including Disney-controlled ESPN, are vying for German soccer this time.