Premiere shareholders OK share issue

News Corp. pledges to buy up unsold stock

COLOGNE, Germany -- Shareholders of struggling German pay TV group Premiere almost unanimously approved a new 412 million euros ($521 million) share issue late Thursday night.

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 some 3.4% on the news to 1.85 euros ($2.33) by midafternoon Friday.