Avenue Capital buys into Premiere Star

Private equity fund Avenue Capital Group has purchased a 6.5% stake in Premiere Star from Premiere GmbH. The acquisition reduces Premiere’s own holding in the mini-pay platform to 59.8%. In a statement, Premiere said the two parties had agreed not to disclose the purchase price.

“We are delighted to welcome Avenue Capital as latest shareholder of Premiere Star. Avenue Capital has an impressive experience in the media sector. We are happy to use this expertise to continue the company’s successful development,” said Wolfram Winter, managing director Premiere Star.

Premiere currently markets 35 channels under the Premiere Star brand. Since its launch in September 2007 it has accrued over 170,000 subscribers.

Other shareholders in the platform include Turner Broadcasting System International, which earlier this year bought an 8.5% share.