Sky shares rose more than three per cent to 1,094p this morning, after the group won the bidding to show the vast majority of Premier League matches between 2019/20 and 2021/22.
The stock surged past the takeover price of 1,075p offered by Fox, prompting some analysts to predict Rupert Murdoch may have to increase his bid.
"Sky looks much healthier than when Rupert Murdoch’s 21st Century Fox first bid for the business," George Salmon, equity analyst at Hargreaves Lansdown.
"In early trading the shares touched £10.95, 20p ahead of the price Fox has agreed to pay. This tells us Murdoch might need to come back with an improved offer."
Last night it was revealed that the Premier League had sold its latest package of live TV games to Sky and BT Sport for a reduced per-match rate, with the two media giants paying a combined £4.46bn to televise 160 matches per season between 2019/20 and 2021/22.
"Sky is the clear winner, seeing its average cost per game falling 16 per cent from £11.1m to £9.3m and picking up a further two games per season from 2019-22 to take its total to 128," said Henry Croft, Research Analyst at Accendo Markets.
"BT, on the other hand, has won just one package for early kick-off games, and although this marks an 8 per cent saving on its previous bid for the same slot, it will see costs rise to £9.2m per match from £7.6m previously.
"The unwillingness of both firms to bid aggressively comes just weeks after the announcement of a deal to cross-sell each other’s content, breaking a 4-year rivalry which had previously threatened Sky’s two decade sporting hegemony."
Croft added: "Evidently, Sky no longer feels the need to offer big money to beat its telecom incumbent rival, because said rival appears content retaining a much smaller number of games exclusively while customers have access to the full range of games available thanks to the cross-selling agreement."