Premiere sells non-core assets
In a move which is likely to see the disposal of further non-core assets, German pay-TV operator Premiere has sold its 65% stake in internet shopping platform Home of Hardware for a mere €1 to Cancom IT Systeme.
According to the Munich-based broadcaster, the move reflects its strategy to focus exclusively on its pay-TV operations, adding that Premiere does not expect any material effect on its financial result.
Premiere acquired the shares in the online shop for information technology, telecommunication and home entertainment in May 2007 without disclosing financial details. The move was part of former CEO Michael Börnicke’s strategy to develop further revenue sources in an aim to reduce the broadcaster’s dependence on the pay-TV business, thereby scattering the risk.
As part of this strategy, Börnicke purchased free-to-air channel GIGA and bought stakes in auction channel 1-2-3.tv and internet sports portal Spox. Industry insiders expect new CEO Mark Williams to dispose of further non-core activities during the current restructuring of the financially troubled broadcaster.