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Friday, June 14, 2024

Discovery and BT Sport Look to UK Joint Venture

Discovery, Inc. (NASDAQ: DISCA, DISCB, DISCK) has confirmed it has entered into exclusive discussions with BT Group to create a new sport venture in the UK by combining its Eurosport business in the UK and Ireland with BT Sport. The companies are aiming for the 50:50 Joint Venture to be operational in 2022 pending a definite agreement and regulatory approval.

The proposed UK venture would bring together BT Sport and Eurosport UK, which have extensive portfolios of premium sport rights, including the Olympic Games, Premier League, UEFA Champions League, UEFA Europa League, cycling Grand Tours, tennis Grand Slams, the winter sport World Cup season and Premiership Rugby.

“We are excited about this opportunity with BT Group to offer consumers a stronger and simplified combined sport offering in the U.K. and Ireland, and, more broadly, to advance our strategy of bringing sports and entertainment to more consumers on the platform of their choice,” said JB Perrette, President & CEO of Discovery Streaming & International. “We are aligned with BT Group on a shared vision to maximize the value and appeal of our respective UK sport assets, and we look forward to concluding a deal in the coming weeks.”

Discovery, Inc. entered the global sports media business in 2014 with its acquisition of Eurosport. Today, Discovery’s sports business – under the Discovery Sports banner – produces and distributes content to 130 million unique individuals a month across more than 200 markets and 20 languages outside the U.S. Discovery Sports’ consumer brands include Eurosport, Global Cycling Network (GCN), Global Mountain Bike Network (GMBN), Golf Digest and GOLFTV powered by PGA TOUR, as well as sports programming and content on discovery+ and Discovery’s free-to-air TV networks in Europe. The leading sports news and video site, and its local country versions, engages audiences of more than 50 million sports fans per month.

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