The Sky Network Television Ltd (ASX: SKT) share price raced higher this morning after an announcement regarding the 2020 Tokyo Olympics.
What did Sky announce this morning?
The Sky share price is up 2.55% to $0.81 per share at the time of writing. This comes after the group announced its free-to-air partner for the 2020 Tokyo Olympic Games.
Sky confirmed TVNZ as its broadcasting partner for next year's summer games. Sky will stream and broadcast all of the Tokyo events across its 12 HD channels and streaming platforms.
TVNZ 1 will have 12 hours of free-to-air coverage every afternoon and evening over the course of the games.
CEO Martin Stewart said Sky is "pleased to now be bringing TVNZ on board" as its free-to-air partner.
The Olympic Games is the latest win for Sky following successful coverage of the Rio 2016 Olympic games.
Tokyo 2020 will run from 24 July to 9 August 2020.
How has the Sky share price reacted?
The Sky share price has been boosted higher by the unveiling of TVNZ as its broadcast partner this morning.
The group's shares have been under pressure in recent days and touched a new 52-week low of $0.75 per share on Monday afternoon.
Today's rebound will be welcomed by shareholders after a difficult week. The Sky share price is well below its $2.30 52-week high set one year ago.
Shareholders have watched the company's shares slip lower throughout the year despite a few landmark deals.
The company's shares jumped higher in October after securing a new deal with New Zealand Rugby which saw the sports organisation take a 5% equity stake in Sky.
What else is happening on the ASX today?
Sky is just one of the many companies surging higher today as the S&P/ASX 200 Index (INDEXASX: XJO) looks set to smash its record high.
The benchmark Aussie index is up 0.31% to 6,872.80 points after closing just shy of its July record yesterday.
