Premiere

At exit, Premiere was one of the leading pay-TV operators in Germany and Austria, offering exclusive premium content on 26 digital channels. See how our backing helped Premiere achieve sales of over €1bn by the end of 2005…

Germany

Realised

Together we achieved

  • A significant restructuring that resulted in strong subscriber and EBITDA growth after significant losses in previous years
  • A reduction in costs through the renegotiation of all contracts on improved terms, including a renegotiated rights deal with Hollywood studios
  • The development and launch of new products and services, including new channels and exclusive live sports, leading to an increase of more than 300,000 subscribers in a year
  • Strong profitability and a solid subscriber base

This was accomplished by

  • Developing a new, integrated sales and marketing strategy that clearly communicated the new product offering and the tiered price-package structure, which refocused the business on profitable subscriber growth
  • Replacing overpriced, unreliable set-top boxes and easily pirated access cards with cheaper, more user-friendly decoders featuring a new encryption system
  • Improving the customer experience and lowering barriers to subscription

The metrics

2003

Acquisition year

€1,300m

Transaction value

4.2x

ROI

2006

Exit year

IPO

Exit type

Subscribers

2001 - 2.4m
2004 - 3.2m