Trading early on Friday morning after BT Group announced that the Competition and Markets Authority (CMA) had approved its joint venture with Warner Bros. to create new sports products for the UK and UK. BT Group shares rose 0.3% to 181.6p. Ireland.
The approval means BT and Warner Bros. will complete the formation of the joint venture in the coming weeks, allowing each company to transfer assets to the new group.
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The operation will join BT Sport and Eurosport UK, giving the joint venture one of the most extensive sports rights portfolios across the UK and Irish markets.
“The CMA has approved the new joint venture we are creating with Warner Bros. Discovery, combining the best of BT Sport and Eurosport UK to create an exciting new offer for live sports programming in the UK. That’s great news,” BT said. Mark Arella, CEO of Consumer Division.
“Today is a big milestone and we are working toward the first day of our new business, which we hope to deliver in the coming weeks.”
BT Group added that BT Sport and Eurosport will initially maintain separate brands and product propositions on the market, with the two companies then being combined under a single brand in the coming months.
Warner Bros. Discovery Sports Europe said: “Combining the capabilities, portfolio and scale of BT Sport and Eurosport UK is a huge win for fans in the UK and Ireland, creating a new purpose for fans to enjoy all the sports they love in one place. We will be able to provide you with land.” Managing Director Andrew Georgiou.
“We look forward to the opportunity to complete the transaction and further involve all stakeholders in the JV formation and development process.”
BT Group has confirmed that there will be equal representation of BT Group and Warner Bros. management on the joint venture’s board, with Mark Arella nominated as Chairman, initially appointed by shareholders on a rotating basis. Andrew Georgiou has been selected as the new management team. and delivery leader.
