Warner Bros. Discovery and the BT Group have entered into an agreement to create a sports joint venture in the UK and Ireland.
The announcement was made in London on Thursday morning.
The partners said the company “brings together one of the most extensive line-ups of live sports coverage for fans in the UK and Ireland, including the Olympics, the Premier League (football), the UEFA Champions League, the UEFA Europe League. ” Premiership Rugby, MotoGP, UFC, Boxing, WWE, Tennis Grand Slams, Cycling Grand Tours and Winter Sports World Cup Season.
Both BT Sport and Warner Bros. Discovery’s Eurosport UK will initially maintain separate brands before merging under a single brand in the future, venture partners said.
“As work begins to develop a new sports offering for the UK and Ireland, BT Sport and Eurosport UK will keep their products separate for some time to come,” they reiterated on Thursday. “BT Sport and Eurosport customers in the UK can continue to enjoy current sporting offerings as they do today. Over time, the intention is to bring a new sports brand to market and introduce this combined sports offering to Warner Bros. along with Discovery’s entertainment offering.”
The company’s board of directors is represented equally by BT and Warner Bros. Among Discovery’s nominated members. The first chairman, appointed by each shareholder on a rotating basis, is Mark Alera, CEO of BT’s consumer division. Andrew Georgiou, president and CEO of Warner Bros. Discovery Sports Europe is also a member of the board and will lead the business.
“Today marks the beginning of our journey to create a new sporting destination for fans in the UK and Ireland,” said Georgiou. “The merger of BT Sport and Eurosport UK with Warner Bros. with Discovery’s growing world-class entertainment offering will lead to an exciting new offering for consumers.”
Added Allera: “As we enter our ninth season, today marks an exciting new chapter for BT Sport. I am very proud of the teams and the established brand and broadcaster that BT Sport has become and I look forward to working with Warner Bros. Working with Discovery to create an exciting new sports television offering.
Britain’s Competition and Markets Authority (CMA) considered whether the company “would expect to substantially lessen competition in any UK market or markets for goods or services”, but recently issued a decision to allow the transaction. .
Source: Hollywood Reporter
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