Permira, the European private equity house, has been the first to swoop on assets from the embattled German media group, Kirch Gruppe, nearing finalisation of its purchase of Premiere, the German pay-television channel.

Permira has struck a cash deal to buy Premiere, based on it renegotiating programme and film contracts and revising its business plan. The price of the deal has not been finalised, but Permira will pay no money to other stakeholders - primarily lending banks and management - and will not take on any existing debt.