BT Finalizes Sports JV in UK, Ireland With Warner Bros. Discovery
12 May 2022 - 5:03PM
Dow Jones News
By Kyle Morris
BT Group PLC said Thursday that it has reached a set of
definitive agreements with Warner Bros. Discovery, Inc. for a 50-50
sports joint venture in the U.K. and Ireland.
The company will receive 93 million pounds ($113.9 million) from
Warner Bros. Discovery and up to around GBP540 million by way of an
earn-out from the JV, subject to certain conditions being met. BT
will retain a 50% interest in the JV.
The U.K. telecommunications group said that as part of the
agreement, the operating businesses of BT Sport will be transferred
to Warner Bros. Discovery.
The joint venture will combine BT Sport and Eurosport UK, with a
portfolio including rights to the UEFA Champions League, the
Premier League, UFC, the Olympic Games, tennis Grand Slams and the
winter sports World Cup season.
Exclusive discussions on the joint venture were first announced
on Feb. 3.
Write to Kyle Morris at kyle.morris@dowjones.com
(END) Dow Jones Newswires
May 12, 2022 02:48 ET (06:48 GMT)
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