HVB takes 10% stake in Premiere Star
EmptyCOLOGNE, Germany -- UniCredit, the investment subsidiary of Germany's HypoVereinsbank, has acquired a 10% stake in Premiere Star, the new satellite pay TV platform controlled by Premiere AG, the companies announced Tuesday.
Premiere and HVB declined comment on the price of the stake, but it is believed to be in the low double-digit millions of euros.
According to a report in the Frankfurter Allgemeine Zeitung, Premiere is looking for two more minority shareholders to take stakes in Premiere Star.
Premiere Star plans to launch in September, targeting German customers who do not have access to Premiere AG's eponymous cable pay TV platform.
Premiere Star managing director Wolfram Winter said the company is looking to sign at least 200,000 subscribers per year. Assuming Premiere Star hits its targets, Winter plans to take the group public in about two years.
Premiere Star was originally called Premiere Sky, but the company was forced to change its moniker after Rupert Murdoch's BSkyB successfully sued for trademark violation.