TIDMBT.A
RNS Number : 4220T
BT Group PLC
22 July 2022
22 July 2022
BT GROUP AND WARNER BROS. DISCOVERY WELCOME CMA'S APPROVAL OF
THE BT SPORT AND EUROSPORT UK JOINT VENTURE
Following submission to the Competition and Markets Authority
(CMA), BT Group and Warner Bros. Discovery today welcomed the
decision to approve the BT Group agreement with Warner Bros.
Discovery, Inc. to form a 50:50 Joint Venture (JV) company that
will create a new sports offering for the UK & Ireland .
The CMA's decision now allows BT and Warner Bros. Discovery to
complete the creation of the JV in the coming weeks and for each of
their assets to be transferred into the new company. BT Sport and
Eurosport UK will be brought together to form a sports joint
venture for customers, providing the JV with one of the most
extensive portfolios of sports rights in the UK & Ireland. Both
BT Sport and Eurosport UK will initially retain their separate
brands and product propositions in the market before being brought
together under a single brand in the future.
Marc Allera, future Chairman of the JV and CEO BT's Consumer
division said "It's great news that the CMA has approved the new JV
that we are forming with Warner Bros. Discovery, combining the very
best of BT Sport and Eurosport UK, to create an exciting new offer
for live sport programming in the UK. Today is a huge milestone, as
we now look toward day one of the new business, which we hope to be
in the coming weeks."
Andrew Georgiou, future board member of the JV and President and
Managing Director, Warner Bros. Discovery Sports Europe, said
"Combining the capabilities, portfolios and scale of BT Sport and
Eurosport UK will be a big win for fans in the UK & Ireland,
offering a new destination that will feature all the sport they
love in one place. We now look forward to closing the transaction
and having the opportunity to further engage all stakeholders in
the process of forming and developing the JV."
The Board of Directors of the JV will be equally represented
between appointees of British Telecommunications plc and Warner
Bros. Discovery. The first Chairperson to be appointed, nominated
by each shareholder on a rotating basis, will be Marc Allera, CEO
BT's Consumer division. The new management and delivery of the JV
will be led by Andrew Georgiou, President and Managing Director,
Warner Bros. Discovery Sports Europe, who will be a member of its
board.
ENDS
About BT Group
BT Group is the UK's leading provider of fixed and mobile
telecommunications and related secure digital products, solutions
and services. We also provide managed telecommunications, security
and network and IT infrastructure services to customers across 180
countries.
BT Group consists of four customer-facing units: Consumer serves
individuals and families in the UK; Enterprise and Global are our
UK and international business-focused units respectively; Openreach
is an independently governed, wholly owned subsidiary, which
wholesales fixed access infrastructure services to its customers -
over 650 communication providers across the UK.
For the year ended 31 March 2022, BT Group's reported revenue
was GBP20,850m with reported profit before taxation of
GBP1,963m.
British Telecommunications plc is a wholly-owned subsidiary of
BT Group plc and encompasses virtually all businesses and assets of
the BT Group. BT Group plc is listed on the London Stock
Exchange.
For more information, visit www.bt.com/about
About Warner Bros. Discovery
Warner Bros. Discovery (NASDAQ: WBD) is a leading global media
and entertainment company that creates and distributes the world's
most differentiated and complete portfolio of content and brands
across television, film and streaming. Available in more than 220
countries and territories and 50 languages, Warner Bros. Discovery
inspires, informs and entertains audiences worldwide through its
iconic brands and products including: Discovery Channel,
discovery+, CNN, DC, Eurosport, HBO, HBO Max, HGTV, Food Network,
Investigation Discovery, TLC, TNT, TBS, truTV, Travel Channel,
MotorTrend, Animal Planet, Science Channel, Warner Bros. Pictures,
New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies
and others. For more information, please visit www.wbd.com
About Warner Bros. Discovery Sports
Warner Bros. Discovery Sports Europe represents WBD's portfolio
of sports brands, channels and platforms in Europe. It collectively
reaches 130 million people every month, engaging fans and broad
audiences in more than 200 markets and in over 20 languages across
all platforms where consumers are spending time -free-to-air TV,
pay-TV, streaming, online and social. Warner Bros. Discovery Sports
Europe includes the much-loved consumer brands Eurosport, Global
Cycling Network (GCN), Global Mountain Bike Network (GMBN), Golf
Digest and GOLFTV powered by PGA TOUR, as well sports programming
and content on discovery+ and Discovery's free-to-air TV networks.
They connect audiences with the greatest sporting events in the
world. This includes being the Home of the Olympics Games in
Europe; tennis' Grand Slams; cycling's Grand Tours, more than 600
cycling broadcasts per year and the UCI Track Champions League; the
PGA TOUR year-round; the best new and existing electric racing
series with ABB FIA Formula E World Championship and FIA eTouring
Car World Cup; and every major winter sports World Championship and
World Cup event. Warner Bros. Discovery Sports Europe completes a
full 360deg offer with its events management and promotion arm,
Discovery Sports Events.
Enquiries
Investor relations:
Mark Lidiard Tel: 0800 389 4909
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END
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