Pay-TV rights for live matches for the next two seasons have gone to Arena in a deal worth Euros 420m.
Arena is owned by cable firm Unity Media, which is in talks to share the rights with Kabel Deutschland, the country's top cable operator.
Premiere had been seen as a front-runner to secure the deal and saw its shares drop to 12.55 euros (£9.84; $17.21) after the decision, an all-time low.
It was said to be willing to spend more than the Euros 180m it paid for the current season, in return for more exclusivity.
The new arrangements mean public broadcaster ARD and free-TV channel DSF, owned by media group EM.TV, will broadcast match highlights.
Telephone company Deutsche Telekom will get the internet broadcasting rights.
