Premiere raises E412m in face of critics

German pay-TV operator Premiere's shareholders have approved an E412m capital increase despite minority shareholders' reluctance and dissatisfaction with the company's previous management.

Premiere, where News Corp is the largest shareholder, held an extraordinary general meeting on February 25 and small shareholders complained that previous management had wrongly inflated subscriber numbers the discovery of which had started Premiere's price fall.

The company's CEO Mark Williams said the money would enable it to make necessary investments in programming, sales and marketing, customer services and technology which would help it to increase subscriber numbers.

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