The SKY Network Television Limited (ASX: SKT) share price is one to watch this morning after an update on the Commonwealth Games broadcast rights.
What did Sky announce this morning?
Sky announced that it has secured the broadcast rights for the 2022 and 2026 Commonwealth Games. Sky will deliver all Birmingham 2022 events live on multiple Sky Sports channels including Sky Go and Sky Sport Now.
The commitment will also see Sky continue its free-to-air coverage of major international events. Recently, these have included the 2015 Rugby World Cup and the 2016 Rio Olympics.
The New Zealand broadcaster also said it has strengthened its relationship with the New Zealand Olympic Committee (NZOC). Sky hailed the "longstanding" partnership with the NZOC this morning in delivering the event to its viewers. The Sky share price will be one to watch after extending its agreement with the NZOC out to 2026.
The Birmingham 2022 Commonwealth Games will be held from 27 July to 7 August.
How has the Sky share price performed this year?
It's been a tough year for Sky shareholders. The Sky share price has slumped in 2019 with competition from overseas streaming services eating into margins. Sky's subscription revenues and total number of subscribers have also fallen lower throughout FY2019.
The Sky share price is down 55.32% to $0.84 per share prior to this morning's open, which is just slightly higher than its $0.80 per share 52-week low.
As a result, Sky's status as an ASX dividend stock may be misleading, given it currently yields 16.83% per annum. That puts it well above the likes of Alumina Limited (ASX: AWC), but the share price decline is the main contributor.
The morning's announcement could provide a timely boost for Sky shareholders as we head towards the end of the year.
