Midday Update: Sky TV shares plunge after losing English Premier League rights

June 19 (BusinessDesk) – Shares in Sky Network Television sank 6 percent after the pay-TV operator was outbid by an unnamed rival for the local broadcasting rights to English Premier League football.

The stock dropped 34 cents to $5.33 as at midday, having touched a three-month low $5.20, after it confirmed losing the rights, despite putting up its biggest bid ever.

NewstalkZB speculated Coliseum EPL Management Ltd has bought the rights, with parent Coliseum Sports Media holding a press conference at 2pm.

Rangatira buys into Tuatara Brewing

Wellington fund manager Rangatira has bought 35 percent of craft beer maker Tuatara Brewing for an undisclosed sum.

The investment, which saw Tuatara’s founding shareholders Sean Murrie and Carl Vasta, sell down their stakes will go towards building capacity at the brewer’s new plant on the Kapiti Coast.

Tuatara produces 1 million litres of beer a year, which it says ranks it among New Zealand’s top three craft breweries. It exports beer to Australia, Singapore, China, the US and Europe.

The new Paraparaumu brewery has the capacity to produce at least 2 million litres a year with further potential to double production to around four million litres, the company said.

Rangatira will get two directors on the board, joining Vasta and Murrie.

Hanover defamation case delayed

Former New Zealand Shareholders’ Association head Bruce Sheppard has been granted more time to prepare his defence against claims he defamed Hanover Finance principals Mark Hotchin and Eric Watson.

In the High Court in Auckland, Justice Mark Cooper today granted an application to adjourn the trial, which was slated for an August start, to let Sheppard’s team prepare his case which will call 25 witnesses.

Last month, Justice Cooper ordered trial by judge alone, based on “the complexity of the issues that are likely to arise and the nature of the factual and legal inquiry that will be necessary.”



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