Sky shares fall as customer defection rate increases

Sky reported rising customer attrition rates across Europe as the broadcaster curtailed discounts in the UK and Ireland and lost viewers in Italy after failing to secure the rights to Champions League soccer.

The shares fell as much as 5%, the most in 10 weeks.

The 12-month rolling rate at which customers left, known as churn, rose to 10.7% in the UK and Ireland at the end of March, compared with 10.1% a year earlier, Sky said.