Slow subscriber growth hit shares in Sky Deutschland even as the German pay-TV broadcaster reiterated it aimed to be profitable by 2011 after a sweeping restructuring.

The company rebranded itself from Premiere to Sky Deutschland in July and launched a huge marketing campaign to win more customers in Europe’s largest TV market. That drive, as well as higher programme cost, led to a higher-than-expected third-quarter net loss and did not attract as many new customers as analysts forecast.

Sky Deutschland added 63,000 net subscribers in the quarter, below expectations of 80,000. Sky Deutschland’s third-quarter EBITDA loss widened to E87.9 million from E27 million a year earlier.

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