The two parties had unveiled exclusive discussions about a deal in early February.
The goal was to conclude the discussions early in the second quarter and “for the new company to be operational later this year, subject to completion of the deal and approval by the relevant competition authorities.”
The companies announced that customers who access BT Sport through BT directly, and the majority of BT TV customers, are set to receive the streaming service discovery+ home to Eurosport’s live and on-demand streaming offer in the UK & Ireland, as part of existing subscriptions. Warner Bros. Discovery and BT also revealed the terms of the JV agreement. Both Warner Bros. Discovery and BT will each directly contribute, sub-license or deliver the benefit of their respective sports rights and distribution agreements for the UK & Ireland to the JV. The operating businesses of BT Sport will be transferred to Warner Bros. Discovery. BT is set to receive $114 million from Warner Bros.
BT, which has rights deals for the likes of English Premier League soccer, English Premiership Rugby and cricket, said last spring that it wanted to focus on its core telecommunications business and was in negotiations with potential partners over the future of BT Sport. Sports streamer DAZN, whose chairman is former Walt Disney Co. top executive Kevin Mayer and whose parent company is Len Blavatnik’s Access Industries, was widely seen as a potential buyer of BT Sport.
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