Premiere's first issue raises $50 mil

German pay TV group issues 10.2 million new shares

BERLIN -- German pay TV group Premiere has issued 10.2 million new shares, raising more than $50 million.

Together with a new short-term loan, Premiere will now have access to some $65.5 million.

The cash injection is needed to implement CEO Mark Williams' restructuring plan that aims to bring Premiere back to profit by 2010.

Another, larger share issue is planned for later this year.