BT moves sports unit into JV with Warner Bros; FY profits up

by | May 12, 2022

UK telecoms and broadcasting group BT on Thursday said it was moving its sports TV division into a 50-50 joint venture with Warner Bros Discovery as it also reported a small rise in adjusted annual core earnings after revenue fell 2%.
The company posted adjusted earnings of £7.5bn, up 2% as revenue fell by 2% to £20.84bn.

BT said it would transfer the operating businesses of BT Sport to the newly-merged US broadcaster which owns the Eurosport channel.

The deal will see the new entity offer sports such as football’s UEFA Champions League, the UK Premier League, Premiership Rugby, the Olympic Games, tennis grand slams and cycling’s Tour de France and Giro d’Italia.

Warner will hold a call option to buy BT’s stake at specified points in the first four years of the venture at a price to be determined.

BT will receive an initial £93m from Warner Bros Discovery and up to £540m in an earn-out from the joint venture.

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!

x