Premiere earnings are off the mark


Premiere booked an €89 million ($111 million) loss in the third quarter as revenue dipped 3% to €245 million ($305 million), figures even worse than most analysts expected.

For the full year, the German pay TV group is forecasting an operating (EBITDA) loss of €40 million-€60 million ($50 million-$75 million). But CEO Mark Williams said he expects that a strong Christmas will allow Premiere to top €1 billion ($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, and competition is fierce.

In addition to the usual troop of German broadcasters and telecoms, international companies including Disney-controlled ESPN are vying for German soccer this time out. (partialdiff)
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