"We have concerns that this could impact competitiveness of key third players in these markets," Commerce Commission Chairman Mark Berry said in the statement.
The decision sent shares in Sky TV plummeting 17 percent to NZ$3.6, its largest daily percentage drop on record.
The Commerce Commission said in a statement that its concerns about the NZ$1.3 billion ($930 million) deal outlined in October had not been assuaged.
New Zealand`s competition regulator on Thursday rejected Sky Network Television`s proposed acquisition of Vodafone`s New Zealand unit, saying that it would create a monopoly on premium sports content.
"We are disappointed the Commerce Commission was unable to see the numerous benefits this merger brings to New Zealanders," Vodafone`s New Zealand CEO Russell Stanners said.
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