Patrick Frater Asia Bureau ChiefWarner Bros. Discovery and telco giant BT are to launch a premium sports venture in the U.K.
and Ireland. The planned 50-50 joint venture will see BT Sport transferred to Warner Bros. Discovery, meaning that BT Sport and Eurosport U.K.
are operated together.BT Sports’ parent company BT plc will receive £93m ($113 million) from Warner Bros. Discovery and up to approximately £540m ($659 million) by way of an earn-out if conditions are met.
Warner Bros. Discovery will be granted a call option over BT plc’s interest in the new venture. It may exercise this at specified points in the first four years of the venture.The venture will have one of the most extensive portfolios of premium sports rights including UEFA Champions League, UEFA Europa League, the Premier League, Premiership Rugby, UFC, the Olympic Games, tennis Grand Slams featuring the Australian Open and Roland-Garros, cycling Grand Tours including the Tour de France and Giro d’Italia and the winter sports World Cup season.
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