Premiere unloads Home of Hardware

Sells 65% stake for symbolic 1 euro

COLOGNE, Germany -- German pay TV group Premiere on Friday sold its 65% stake in online hardware retailer Home of Hardware to the Cancom IT Systeme group for a symbolic 1 euro.

Premiere paid 6.8 million euros ($9 million) for the stake when it acquired it back in 2007.

Home of Hardware continues to boast impressive growth, with third-quarter revenue surging 34% to 22.7 million euros ($30 million), but the online company does not fit into the strategy of News Corp., Premiere's largest shareholder, which wants to focus on the company's core pay TV business.