Shares in BSkyB were hammered following the company's failure to win the UK rights to show Champions League and Europa League matches.
BSkyB lost out to BT, which has agreed an exclusive deal worth almost £900m to show both Uefa competitions for three seasons from 2015/16. It is the first time a single UK broadcaster has won sthe exclusive live rights for all 350 matches from the two tournaments per season. Currently Sky and ITV hold the rights to show Champions League matches.
BSkyB shares were down by 9%, equivalent to the loss of more than £1bn in market value. However, fears over the price being paid by BT meant its own shares were 2% lower. The telecoms company recently paid £738m for 38 live Premier League matches over three seasons.
A Sky statement said: “We take a disciplined approach and there is always a level at which we will choose to focus on something else. If we thought it was worth more, we’d have paid more.”