BT Group agrees to form new sports joint venture with Warner Bros Discovery in the UK and Ireland

The telecoms giant confirmed the deal as it also reported that trading is “on the right track” despite a dip in revenues for the past year.

In February, BT said it was in exclusive negotiations with the US media giant after completing a lengthy review of its BT Sport operation.

It confirmed it will now form a 50:50 joint venture which will bring together BT Sports and Eurosport.

Chief executive Philip Jansen said: “BT Group has again delivered a strong operational performance thanks to the efforts of our colleagues across the business.

“We have finalised the sports joint venture with Warner Bros. Discovery to improve our content offering to customers, aligning our business with a new global content powerhouse.

“Separately, we have strengthened our strategic partnership and key customer relationship with Sky, having now extended our reciprocal channel supply deal into the next decade and agreed a MoU (memorandum of understanding) to extend our co-provisioning agreement.

“Our modernisation continues at pace and we are extending our cost savings target of £2 billion by end full-year 2024 to £2.5 billion by end full-year 2025.”