Sky Television's share price fell as much as 3 percent yesterday after it said it had lost the rights to broadcast the US PGA golf, the European PGA Tour, and the Asian Tour.
Sky shares fell as low as $6.10 before closing at $6.16, down 14 cents.
Last year's PGA tours represented 1.1 percent of the total viewer hours across all of the pay television operator's channels.
Sky chief executive John Fellett said the PGA was using the New Zealand market to test a new online distribution model, but details have not been released yet.
Mr Fellet said the PGA's decision was disappointing, but he did not think it pointed to a growing trend, or posed a significant threat to Sky's ability to secure the rights to other sport programming.
He said that Sky had put in a large bid for the rights, but it was rejected.
"They thanked us for the bid and said it was a strong bid, but money was not the issue, and they wanted to experiment with offering direct to consumer approach."
Mr Fellet Sky would rotate that money back into other content.