BT has entered exclusive discussions with Discovery to create a joint venture between BT Sport and Eurosport, saying the move would keep it in the “exciting” content business while sharing expensive rights costs.
Announcing the deal as it said COVID-19 and supply chain issues would hit revenue this year, BT opted to stay in sports television rather than going for an outright sale to streaming service DAZN, which had also made an offer.
BT said it would remain committed to retaining BT Sport’s existing major sports rights, including its crown jewel: Premier League soccer.
The 50:50 joint venture will also have rights to the Olympic Games, UEFA Champions League, UEFA Europa League, cycling Grand Tours, tennis Grand Slams, the winter sport World Cup season and Premiership Rugby, the companies said.
BT Chief Executive Philip Jansen said there were two very good options, but Discovery won.
“From a corporate financial point of view, the profile much improves, because obviously there will be synergies, both in cost and revenue,” he told reporters.
“And it keeps us very much in the competitive framework for what is a very interesting, exciting content market.”
