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    BT.A   GB0030913577

BT GROUP PLC

(BT.A)
  Report
Delayed London Stock Exchange  -  11:35 2022-10-06 am EDT
124.65 GBX   -1.35%
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BT Group-Warner Bros. Discovery JV Cleared by UK Regulator -- Update

07/22/2022 | 12:59am EDT

By Kyle Morris


The U.K.'s Competition and Markets Authority said Friday that it has decided not to refer BT Group PLC's sports joint venture with Warner Bros. Discovery to a Phase 2 investigation.

BT Group and Warner Bros. said that they welcomed the decision to approve the agreement, adding that BT Sport and Eurosport U.K. will initially retain their separate brands, before being brought together under a single brand in the future.

"Today is a huge milestone, as we now look toward day one of the new business, which we hope to be in the coming weeks," Marc Allera, future chairman of the joint venture and CEO BT's consumer division, said.

The new management and delivery of the joint venture will be led by Andrew Georgiou, president and managing director, Warner Bros. Discovery Sports Europe, who will be a member of its board.

The regulator said on June 1 that it would look into whether the deal may result in a substantial lessening of competition.

BT said on May 12 that it had finalized the sports joint venture in the U.K. and Ireland with Warner Bros. Discovery. The U.K. telecommunications group said that as part of the 50-50 sports JV it would receive 93 million pounds ($111.6 million) from Warner Bros. Discovery and up to around GBP540 million by way of an earnout, subject to certain conditions. As part of the agreement, the operating businesses of BT Sport will be transferred to Warner Bros. Discovery.

The joint venture will combine BT Sport and Eurosport UK, with a portfolio including rights to the UEFA Champions League, the Premier League, UFC, the Olympic Games, tennis grand slams and the winter sports World Cup season.


Write to Kyle Morris at kyle.morris@dowjones.com


(END) Dow Jones Newswires

07-22-22 0259ET

Stocks mentioned in the article
ChangeLast1st jan.
BT GROUP PLC -1.35% 124.65 Delayed Quote.-25.48%
WARNER BROS. DISCOVERY, INC. 3.43% 12.36 End-of-day quote.-47.49%
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Analyst Recommendations on BT GROUP PLC
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Financials
Sales 2023 20 960 M 23 577 M 23 577 M
Net income 2023 1 825 M 2 053 M 2 053 M
Net Debt 2023 18 747 M 21 088 M 21 088 M
P/E ratio 2023 6,74x
Yield 2023 6,20%
Capitalization 12 427 M 13 979 M 13 979 M
EV / Sales 2023 1,49x
EV / Sales 2024 1,50x
Nbr of Employees 98 400
Free-Float 69,5%
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Mean consensus OUTPERFORM
Number of Analysts 22
Last Close Price 126,35 GBX
Average target price 211,02 GBX
Spread / Average Target 67,0%
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Managers and Directors
Philip Eric Rene Jansen Chief Executive Officer & Executive Director
Simon Jonathan Lowth Chief Financial Officer & Executive Director
Adam Alexander Crozier Chairman
Howard Watson Chief Technology Officer
Chris Bilton Director-Research & Technology
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