Premiere Star right up Avenue's alley

Avenue Capital Group acquires 6.5% stake

COLOGNE, Germany -- Investment outfit Avenue Capital Group has acquired a 6.5% stake in German satellite pay TV firm Premiere Star for an undisclosed price.

Parent company Premiere, which operates Germany's leading pay TV platform on cable, remains the majority shareholder, with 59.8% of Premiere Star. News Group is Premiere's largest single shareholder, with a 25.1% stake.