News Corp suffered heavy losses on its shareholding in Premiere yesterday after the German pay-television operator shook investors with a profit warning, news that it was having to renegotiate its debt facilities and the disclosure that it had far fewer subscribers than previously claimed.

Shares in Premiere plunged more than 50 per cent to close at €4.60 yesterday after the after-hours warning on Thursday, which was accompanied by the resignation of its chief financial officer.