Posted: Mon., Jan. 15, 2001

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RTL out of German-market Premiere

World brief

European broadcasting giant RTL Group has sold its remaining 5% stake in pay TV web Premiere World to the Kirch Group, giving the German kingpin full control of the channel.

Kirch is set to pay 124 million euros ($118 million) for the holding, which will be sold under a put option agreed upon in 1999 as part of a deal that saw RTL's 45% stake in Premiere World go to Kirch for $400 million.

RTL pulled back from the channel after European watchdogs ruled the German giants may not join forces on Premiere World in a bid to kickstart the lackluster German pay TV market. RTL since has focused on free-to-air TV.

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