Sky shares have plunged by nearly eight per cent today after the announcement that the broadcaster was not the preferred bidder for the rights to show the 2019 Rugby World Cup.
As of midday Sky TV's stock price is at $2.23, down 7.85 per cent from $2.42 at the close of the market last night.
The plunge comes after the company informed the NZX that it is not the preferred bidder for rugby’s showpiece in Japan, where the All Blacks will attempt to win a third consecutive World Cup.
"We have been informed that negotiations are underway with the preferred party, and our bid remains in play should those negotiations fail," the company said.
There has previously been speculation that streaming service Amazon may be bidding for the rights, and that Spark and TVNZ might put in a joint bid.
Both TVNZ and Spark had no comment to make following this morning's announcement by Sky.
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