BSkyB shares battered by soccer rights loss

BSkyB shares battered by soccer rights lossShares in British Sky Broadcasting PLC took a battering Monday after rival BT PLC snatched the U.K. television rights to European Champions League soccer, Europe's top club competition. The loss of the rights, which BSkyB had shared with terrestrial broadcaster ITV PLC, represents a big blow for the satellite broadcaster as it has built its business over the past two decades largely on the back of its acquisition of sports rights. Investors are worried that BSkyB, whose biggest shareholder is Rupert Murdoch's 21st Century Fox Inc., one of the two units created following the split of News Corp., will face additional financial pressures to maintain its array of sports rights and that some subscribers may switch to BT. BSkyB shares closed 10.9 percent lower at 829 pence, meaning around 1.5 billion pounds ($2.4 billion) was wiped off the company's value.

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