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BSkyB, BT shares drop after paying unexpectedly high price for Premier League football rights
LONDON (AP) ' Shares in British Sky Broadcasting and telecommunications company BT PLC have fallen sharply after the two companies paid a higher-than-expected price for rights to carry Premier League football matches.
BSkyB paid 2.28 billion pounds ($3.54 billion) for rights to broadcast three-fourths of Premier League matches in the three seasons beginning in 2013, and BT bid 738 million pounds for rights to the remaining matches.
The winning bids were 40 percent higher than three years ago.
BSkyB shares were down 6 percent at 654 pence in early afternoon trading and BT shares fell 3 percent to 202.7 pence.
BSkyB has been broadcasting Premier League matches for two decades. BT, winning rights for the first time, intends to launch a football-focused channel through its BT Vision TV service.