Discovery Inc. said it has entered exclusive talks with BT Group to create a new UK sports programming joint venture that would essentially combine the forces of Eurosport UK and and BT Sport.
The proposed JV would combine portfolios of expensive rights deals, which include the OIympics, soccer's Premier League, UEFA Champions League and UEFA Europa League, cycling's Grand Tours, tennis' Grand Slams and Premiership Rugby.
Discovery reportedly disrupted plans from UK-based sports-streaming giant DAZN to acquire BT Sports. Published reports value JV deal at around $800 million. Discovery also said the JV could be up and running this year.
“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 and 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 acquired Eurosport in 2014 and said the unit now serves 130,000 subscribers in more than 200 markets.
The conglomerate announced the BT Sports talks on the same day that European regulators approved its $43 billion merger with Warner Media.
