BSkyB's Shares Fall After BT Takes Over Champions League LONDON - Shares in British Sky Broadcasting took a beating on Monday after its rival, BT, snatched the British television rights to Champions League soccer, Europe's top club competition. The loss of the rights, which BSkyB, a satellite broadcaster, had shared with the terrestrial broadcaster ITV, was a clear setback for both companies. Champions League soccer had been a midweek staple on ITV for years, but perhaps a bigger disappointment for BSkyB, which built its business over the last two decades largely with the acquisition of sports rights. Soccer rights, in particular, were one of the main reasons BSkyB's subscriber base had risen to around 10 million. Investors are worried that some of those subscribers may switch to BT, and that BSkyB, whose biggest shareholder is 21st Century Fox, one of the two units created in the split of News Corporation, will face additional financial pressures to maintain its array of sports rights. BSkyB shares closed 10.9 percent lower at 829 pence, meaning around 1.5 billion pounds ($2.4 billion) was wiped off the company's value. "With analysts and commentators describing this as a game changer, finding reasons to own BSkyB seem harder to come by today than before," said David White, a trader at Spreadex. BT is paying 1.076 billion euros ($1.44 billion), more than double the current deal, for the three-year exclusive rights to the Champions League and the secondary tournament, the Europa League. It is the first time a single British broadcaster has won exclusive live rights for the 350 games from the two tournaments. BSkyB said it thought BT was paying "far in excess" of its own valuation for the rights. "We take a disciplined approach and there is always a level at which we will choose to focus on something else," BSkyB said in a statement. If we thought it was worth more, we'd have paid more. This is not the first time that BT, the former nationalized British telecommunications company that began its sports television channels in August, has challenged BSkyB. This year, BT bought a package of rights to the English Premier League - considered the world's most popular national soccer league - that it hopes will help increase its broadband business. BSkyB, though, retains much of those rights. BT, along with the public broadcaster BBC, also bought the rights to England's F.A. Cup, the world's oldest domestic soccer competition. But BT's acquisition of Champions League rights from the start of the 2015-16 season is a far more notable achievement. The Champions League features Europe's leading teams and runs alongside domestic competitions on Tuesday and Wednesday evenings. ITV shares also faltered Monday, ending 1.6 percent lower at 187 pence. Although there were concerns among some of BT's shareholders about the amount of the TV deal, investors appeared to be giving the company the benefit of the doubt - BT shares were up 0.5 percent at 374 pence. Steve Liechti, a media analyst for Investec, said the deal was a "hugely important showcase for BT's long-term intent and the competitive threat to Sky."