Exclusive Hong Kong broadcast rights to English Premier League sends I-Cable shares soaring

Asian shares were mixed Tuesday with China's Shanghai Composite Index inching up 0.2% to 3,283. Major indexes in Hong Kong and Tokyo were down, with Japan's Nikkei losing 0.6% to end the day at 9,730 and Hong Kong's Hang Seng down 0.1% at 22,914.

In Hong Kong, I-Cable Communications (ICABY) surged 21.2% after yesterday's announcement that it will become Hong Kong's exclusive broadcaster of England's Barclays Premier League soccer games. This means big business for I-Cable, which outbid competitor Now TV. The games have run on Now TV since 2007. Broadcasting the Premier League could translate into millions of dollars in advertising that will, no doubt, be directed at male viewers, who are prime consumers of sportswear, beer, electronics and other high-end products. Advertisers will surely be vying for spots, bringing hoards of cash into the network.