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Sky shares 4% down after Premier League TV rights deal Sky shares fall after Premier League TV rights deal
(35 minutes later)
Sky's shares have opened more than 4% down after it agreed to pay £4.1bn to show live Premier League football between 2016 and 2019.Sky's shares have opened more than 4% down after it agreed to pay £4.1bn to show live Premier League football between 2016 and 2019.
Sky paid 83% more than it did in the last TV rights auction three years ago. Sky won five of the seven TV packages on offer, but paid 83% more than it did in the last auction three years ago.
An analyst firm said the deal had been "sobering" for Sky, but "reassuring" for BT, which paid £960m, or 18% more. However, shares in BT rose more than 3% after it paid £960m for two of the TV packages, 30% more than last time.
BT shares gained more than 3% as the London stock market opened on Wednesday, following the announcement of the deal on Tuesday. Analysts at Jeffries said the outcome had been "sobering" for Sky, but "reassuring" for BT.
Sky and BT paid a combined £5.136bn for the live TV rights deal - far in excess of what had been expected.
Jefferies said the deal would be "challenging to explain" to Sky shareholders.
"For Sky a sobering result," Jefferies said. "Even with some claw back on costs/pricing, we expect [analyst] forecasts to move lower," it said.
The price Sky paid per year was about £330m more than City analysts had predicted.