Why the SKY Network Television Limited share price crashed lower today

Shares in New Zealand-based media company SKY Network Television Limited (ASX: SKT) were down 7.5% to $2.11 on Wednesday, a 40% decline over the past year.

In the morning, bad news wiped out all the gains SKY made yesterday with the announcement of a new strategy and the retirement of CEO John Fellett within 12 months.

SKY was informed overnight that they weren’t the preferred bidder for the broadcast rights for the Rugby World Cup 2019, which are sold on auction by IMG Media on behalf of Rugby World Cup Ltd.

The Rugby World Cup is a major sporting event that attracts big audiences in New Zealand, and securing broadcasting rights would have been vital for SKY, as the satellite TV provider faces increasing competition from streaming services and struggles to retain subscribers.

The company declared it wasn’t authorised to provide further details of the bid process, but speculation has mounted that rivals Spark New Zealand Ltd (ASX: SPK) and Television New Zealand were preferred with a joint bid.

Despite the rumours, Spark’s share price is down 0.78% to $3.20.

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Motley Fool contributor Tommaso Autorino has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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