BT Group and Warner Bros. Discovery welcome CMA approval of Eurosport JV
BT Group and Warner Bros. Discovery say they have “welcomed” the decision from the Competitions and Markets Authority (CMA) to approve a 50:50 joint venture (JV) that will create a new sports company in the UK and Ireland.
The CMA’s decision will allow BT and Warner Bros. Discovery to complete the creation of the newly formed company in the coming weeks after initially agreeing to the deal in May.
BT Sport and Eurosport UK will be brought together to form a JV that will have “one of the most extensive portfolios of sports rights in the UK and Ireland”.
This will include rights to the UEFA Champions League, Premier League and Olympic games as well as Eurosport staples such as winter sports world cups, cycling grand tours and tennis Grand Slams.
Marc Allera, future Chairman of the JV and CEO of 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.”
The board of directors of the JV will be equally represented between appointees of British Telecommunications plc and Warner Bros. Discover.
Allera will be the first chairperson on a rotating basis and the new management and delivery of the JV will be led by Andrew Georgiou, president and managing director of Warner Bros. Discovery Sports Europe, who will be a member of its board.