Discovery Inc. has begun exclusive discussions with BT Group in the United Kingdom to create a new sport venture by combining its Eurosport business in the U.K. and Ireland with BT Sport.
A partnership would unite two companies with extensive portfolios of rights to premium sports events, including the Olympics, tennis Grand Slams, the winter World Cup season, Premiership Rugby, cycling Grand Tours and more, a press release said. The new venture would be called Sport JV.
The companies aim for this 50-50 joint venture between Eurosport U.K. and BT Sport to take effect this year once a final agreement and regulatory approval are in place. The agreement would secure major long-term rights and world-class sports broadcast and digital abilities.
"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," JB Perrette, president and CEO of Discovery Streaming & International, said in the press release.
Perrette expected that the partnership would be cemented in a matter of weeks due to the common goals of these companies.
"We are aligned with BT Group on a shared vision to maximize the value and appeal of our respective U.K. sport assets, and we look forward to concluding a deal in the coming weeks," he said.
The company produces and distributes content to 130 million unique individuals a month across more than 200 markets and 20 languages outside the U.S. Discovery Sports' consumer brands.
Discovery Sports is the sports division of Discovery Inc. and delivers content to 130 million viewers in more than 200 markets and 20 languages outside the U.S. Serving customers in 180 countries, BT Group is known as the top telecommunications and network provider in the U.K.