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BT confirms £630m deal with Warner Bros Discovery for new premium sports joint venture | City & Business | Finance

At its annual outcomes, chief govt Philip Jansen mentioned the telecoms behemoth and the US media large have agreed a deal. It might imply combining their sports activities channels to create a single residence for Uefa Champions League soccer, the Premier League, Australian Open tennis, the Tour de France and others. BT may have a 50 % stake within the mixed BT Sport and Eurosport, which can be run by Warner Bros Discovery.

The British firm will obtain £93million and as much as £540million if targets are hit.

The channels will at first retain their identities earlier than use of a single model.

The deal is predicted to finish by the top of the yr.

Marc Allera, head of BT’s client division, mentioned: “Warner Bros Discovery is the perfect partner to take BT Sport to the next stage of its growth.

“We’re excited to be becoming a member of forces to deliver one of the best of BT Sport with Eurosport UK to create a incredible new sports activities provide.”

Under former chief executive Gavin Patterson BT spent billions snapping up sports rights to compete with Sky.

Mr Jansen has instead focused on telecommunications and in building a superfast fibre to the premises (FTTP) broadband network.

In its fourth quarter, BT connected a record 750,000 homes and businesses to FTTP and it said it is connecting 58,000 premises a week. It is nearly a third of the way to Jansen’s target of 25 million homes and businesses by the end of 2026.

Although its revenues fell two percent to £20.9billion, its pre-tax profits for the 12 months to the end of March rose nine percent to £1.96billion.

BT added that its pensions deficit has fallen from £5.1billion to £1.1billion thanks to rising interest rates, £1.1billion of shortfall payments and Covid reducing the life expectancy of fund members.

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