Shares in BSkyB have shed 10% in early trading as investors took a dim view of its loss of Champions League football rights to rival BT.
The company, which built its success in the UK broadcast market on its live football offering, saw shares slump 10.6% to 831p in early trading this morning after BT announced it had secured exclusive rights to Europe's premier club competition. Sky shares had previously fallen more than 10% in May on news that BT Sport had secured rights to some Premier League games. The company's shares remain above the mid-700p lows seen then, despite today's fall. BT announced this weekend it will pay £900m for the Champions League rights, currently jointly held by BSkyB and ITV, for three seasons ...
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