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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.
Telecoms giant BT has won the rights to exclusively screen all the live Champions League and Europa League matches after a fierce bidding war against rival Sky.
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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.