BSkyB shares slide 8% on Premier League deal

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Shares in broadcaster BSkyB have fallen as much as 8% after the company secured a pricey deal for live domestic broadcasting rights for English Premier League football.

BSkyB and BT will pay a combined £3bn for the rights over a three-year contract, a 70% increase on the value of the existing deal. BSkyB shares are currently down 6.1% at 653.4p, having previously fallen as much as 8%, as analysts at Numis said the contract was more expensive than had been anticipated. BT shares stood down 3.3% at 202.2p. Numis cut its rating on the stock from Add to Buy, saying BSkyB had paid around £140m a year more than estimates. The broker trimmed its target price from 825p to 815p but said it did not expect to change its earnings forecasts for 2014 and 2015. ...

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