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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