Warner Bros. Discovery and BT Sport team up to form a joint sports venture
Warner Bros. On Thursday (1), Discovery officially announced the purchase of 50% of the British pay-TV giant BT Sport. In this way, the two companies will create a new joint sports venture in the UK and Ireland.
The initial agreement took place in May, after purchase negotiations by DAZN failed, but has only now been confirmed.🇧🇷 The values of the deal were not disclosed, but the press in the country speculated at something close to £540m, if certain conditions are followed.
The first president of the new joint venture will be Mark Alera, managing director of BT’s consumer division. Andrew Georgiou, President and CEO of Warner Bros. Sports. Discovery in Europe, he will be a member of the board and business manager.
“Today is the first day of an exciting new chapter for BT Sport. I am incredibly proud of the teams, brand and well-known broadcaster that BT Sport has become, and I look forward to working with Warner Bros. Discovery to create a new sports TV show for the UK,” Mark Alera celebrated.
Andrew Georgiou added: “Today marks the beginning of our journey to build a new sporting destination for fans across the UK and Ireland.”
Initially, BT Sport and its Eurosport UK subsidiary would remain separate for a while before launching a new sports brand, already in association with Warner Bros. Entertainment. Discovery.
Notably, the new sports media will own a long list of broadcast rights, including the Olympic Games, Champions League, European League, Premier League, Major Cycling Tours, Grand Slams Tennis, Premiership Rugby, MotoGP, UFC and WWE, among others.
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