Sky shares plunge to all-time low as Spark steals cricket rights

Thu, 10 Oct 2019

Sky Network Television shares plunged below $1 for the first time in its 21 years as a listed company after Spark New Zealand pulled the rug out from under the pay-TV operator in securing cricket broadcasting rights. Sky shares slumped as much as 17 percent to 92 cents, valuing the company at just $381 million, a fraction of the $2.7 billion market capitalisation it commanded at its peak in mid-2014 The stock dropped after Spark said it secured all New Zealand Cricket matches played domestically for the next six years in a deal that incl...

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