Media: Warner Bros. Discovery and BT Group create BT Sport/Eurosport UK joint venture

Media and entertainment conglomerate Warner Bros. Discovery and British telecoms operator BT Group have reached a definitive agreement to create the BT Sport/Eurosport UK joint venture in the UK and Ireland, announced the two groups on 12/05/2022.

"BT plc will retain a 50% interest in the joint venture (JV), and Warner Bros. Discovery will be granted a Call Option over BT plc's interest in the JV, exercisable at specified points in the first four years of the JV. If the call option is not exercised by Warner Bros. Discovery, BT plc will have the ability to exit its stake in the JV either through a sale or IPO. The transaction is subject to customary closing conditions, including approvals by the relevant regulatory bodies and is expected to complete by the end of 2022," said the groups, which entered into exclusive negotiations with a view to establishing a joint venture on 03/02/2022.

"The chairperson of the board will be a board director nominated by each shareholder on a rotating basis, the first of which will be Marc Allera (current chief executive of BT's consumer division)…