Over €1.7bn wiped off Sky shares in BT deal
TV GROUP BSkyB saw more than £1.5bn (€1.7bn) wiped off its stock market value after Rupert Murdoch's company was beaten at its own game with the loss of Champions League soccer rights.
Shares in the British group tumbled more than 10pc after it suffered its first major rights auction loss to telecoms company BT.
With annual revenue of more than £18bn (€21bn), BT is also in a completely different league to the three previous groups that had tried to challenge BSkyB – ITV Digital, Ireland's Setanta and ESPN. BT agreed to pay £900m, or more than double the previous contract with BSkyB and ITV, to add ties featuring top teams such as Barcelona and Manchester United to the English Premier League matches it already shows.