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BT and Sky's respective share prices have fallen following the announcement of the new Premier League TV rights deal.

Earlier this week, it was revealed that Sky and BT have paid a combined £3 billion to screen top flight football between 2013-14 and 2015-16.

BT will pay £246 million per year for 38 live matches a season, while Sky will pay £769 million a year to broadcast 116 games.

The new contract represents a 71 per cent increase in the amount paid to the Premier league under the current rights deal.

And this increased financial commitment has seemingly alarmed investors - leading to £974 million being wiped off the firms' market values on Thursday June 14th.

Sky's shares fell by 3.5 per cent to 671p, but at one point were down by eight per cent on the starting price.

BT was similarly affected, with the share price dropping 3.5 per cent to 201.7p.

From the 2014-15 season, broadband and TV subscribers will be able to watch 154 Premier League football matches live on TV each season.

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