Warner Bros. Discovery buys 50% of BT Sport and establishes a joint sports venture in the UK and Ireland

Warner Bros. Discovery has officially announced, Thursday (1), the purchase of 50% of British pay-TV giant BT Sport. In this way, the two companies will create a new joint sports venture in the UK and Ireland.

The initial deal took place in May, after a failed buyout by DAZN, but has only now been confirmed.. The value of the deal has not been disclosed, but the country’s press has speculated something close to £540m, if certain conditions are met.

The first president of the new joint venture will be Mark Allera, general manager of BT’s consumer division. Andrew Giorgio, president and general manager of sport at Warner Bros. Discovery Europe, will be a member of the board of directors and director of the business.

“Today is the first day of an exciting new chapter for BT Sport. I am so proud of the team, brand and the well-known broadcaster that BT Sport has become, and look forward to working with Warner Bros. Discovery to create a new UK sports TV show,” Mark Allera celebrated.

Andrew Giorgio added: “Today marks the beginning of our journey to build a new sports destination for fans in the UK and Ireland.”

Initially, BT Sport and its subsidiary Eurosport UK will remain separate for a while before launching a new sports brand, already in partnership with Warner Bros. Discovery.

It is worth noting that the new sports media will have, in its hands, a long list of broadcasting rights, including the Olympic Games, the Champions League, the European League, the Premier League, the Grand Tours, Tennis Grand Slams, Premiership Rugby, MotoGP, UFC and WWE, among others.