Sky hits back with a cricket rights deal of its own

SKY Network Television bounced back from this week’s loss of the domestic cricket broadcasting rights with a deal that will see it keep World Cup coverage for the next four years.

The payTV operator retained its exclusive broadcasting deal with the International Cricket Council until the 2023 men’s world cup in India, covering Twenty20 tournaments and qualifiers until then. That’s on top of its recent sixyear deal with Cricket Australia for broadcasting rights across the Tasman and an existing relationship with India’s Board of Control for Cricket in India.

‘‘We’re thrilled to be able to deliver four more years of toptier international cricket, including World Cup tournaments, to Kiwi sport fans and Sky customers,’’ chief executive Martin Stewart said in a statement.

‘‘We’ve worked with ICC’s global media rights holders, Star and the ICC for a number of years and we’re looking forward to continuing to develop our relationship with them.’’

The deal is a win for Sky just a day after losing the broadcasting rights for New Zealand Cricket to Spark, which saw more than a fifth wiped from Sky’s market value. The stock closed at a recordlow 88 cents yesterday, valuing Sky at $364.5 million.

Sky will ask shareholders next week for permission to pursue the SANZAAR rugby broadcasting rights — which end late next year — which will exceed half of its market capitalisation.

Sky canned its dividend payments this year to help build a war chest to outbid increasingly competitive rivals for premium sports rights. The new management team, headed by Mr Stewart, see rugby as a lynchpin in preserving its future, and this year bought online rugby platform RugbyPass for up to $US40 million ($NZ63 million).

Morningstar Research analyst Brian Han said the loss of domestic cricket rights highlighted Spark’s aggression in pursuing premium sports broadcasting rights.

‘‘As we have noted previously, maintaining compelling content is critical for Sky’s transition, and this latest blow now makes the . . . SANZAAR rugby rights imperative for Sky to retain,’’ he said.