Own goal

The beautiful game has just turned ugly for Premiere. The German broadcaster has shed nearly half its stock market value after losing exclusivity on the Bundesliga football rights. Premiere tried to put a brave face on the matter, noting that its costs would fall as a result. But investors are naturally focusing on the potential loss of an estimated one third of Premiere’s subscribers. Others, however, appear to have got out in the nick of time. Permira, the private equity group, and German ban...