Large numbers of shares changed hands at the end of last week, before the network provider knew it had lost the rights to some golf coverage.
• Sky loses rights to some golf tournaments
On September 1, 263,196 shares in Sky were traded, in 80 trades, at a market average of $6.62 a share.
That rose on September 2 to 295,462 shares, in 92 transactions, at an average price of $6.63.
However, on September 3, 1.64 million shares were traded, in 155 transactions, and the price fell to $6.48 a share.
On September 4, 3.96 million shares were traded, in 139 transactions, and the price fell again, to $6.40 and on September 5, 3.9 million shares were traded, in 117 transactions, the price falling further to $6.31.
The Otago Daily Times asked Sky TV chief financial officer Jason Hollingworth whether it was just a coincidence the number of shares traded increased substantially during the week.
He said Sky was in Australia on an investor road show on September 3 and 4 and met more than 20 Australian shareholders and investors.
''We found about the US PGA golf on Friday afternoon. We had been hopeful of renewing this contract and had submitted an increased offer.
"We said nothing about the golf. We did not know we had been unsuccessful at the time.''
There were questions about inflation in sports rights costs and entry by OTT (over-the-top content) players and things like the renewal of the Sanzar rugby rights, he said.
OTT refers to the delivery of audio, video and other media over the internet.
Craigs Investment Partners broker Chris Timms said it appeared the majority of the trades last week were from institutions.
About 3.3 million of the shares crossing on Friday came from just nine trades. One of the crosses was for 1.25 million shares.
''With combination of the presentation and the cutting of prices by Foxtel, in Australia, the institutions may see the space as not so safe as they first thought,'' he said.
