BT Group and Warner Bros. Discovery have formed a new joint venture company to create a new premium sports offering for the UK and Ireland.
By merging together the content offering of both BT Sport and Eurosport UK, the collaboration is set to create ‘one of the most extensive portfolios of premium sports rights’.
The British company will receive £93 million from Warner Bros. Discovery and up to approximately £540 million by way of an earn-out from the joint venture.
As part of this deal, BT Sport customers will also now be able to access discovery+, the non-fiction entertainment streaming service, as well as being able to watch the UEFA Champions League, UEFA Europa League, the Premier League, Premiership Rugby, UFC, the Olympic Games, tennis Grand Slams and more.
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. Warner Bros. Discovery will also distribute the combined sports content to new and existing customers on its platforms and apps.
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“As a global sports and entertainment broadcaster Warner Bros. Discovery is the perfect partner to work with us to take BT Sport to the next stage of its growth,” BT CEO of the consumer division, Marc Allera, said.
“We’re excited to be joining forces to bring the best of BT Sport together with Eurosport UK to create a fantastic new sports offer alongside all the entertainment that discovery+ has to offer BT customers.”
BT Sport is also set to retain a 50% interest as part of the deal, with Warner Bros Discovery being granted a ‘Call Option’ over BT’s interest in the joint venture, redeemable at specific points in the first four years of the contract.
Warner Bros. Discovery Sports Europe managing director and president, Andrew Georgiou, added: “We are excited to bring fans a new premium sport offering that brings together everything they love from BT Sport and Eurosport UK.
“Combining this with our growing portfolio of premium entertainment content promises to deliver consumers a richer and deeper content proposition, not only providing greater value from their subscriptions but bringing sport to a wider entertainment audience.”
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