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Sky investor Polygon says Fox offer undervalues broadcaster

Reuters

LONDON (Reuters) - Hedge fund Polygon Global Partners, which is an investor in Sky <SKYB.L>, said the outcome of the English Premier League football rights auction supported its view that the takeover by Twenty-First Century Fox <FOXA.O> undervalues the British company.

"From the time of Fox's offer, we recognised that Sky was worth far more than offered," Nicolas Dautigny, a senior portfolio manager at Polygon, said in a statement to Reuters. "Yesterday's news reinforces our view."

Following the auction of domestic Premier League rights for 2019-22, Sky said it would be spending 16 percent less per game than under its present three-year deal.

Shares in Sky rose 3.5 percent to a two-year high of 10.98 pounds earlier on Wednesday, exceeding the 10.75 pounds per share that Fox agreed to pay for the group in December 2016.

(Reporting by Ben Martin; Editing by Keith Weir)