Following submission to the Competition and Markets Authority (CMA), BT Group and Warner Bros. Discovery announced that they have received decision to approve the BT Group agreement with Warner Bros. Discovery, Inc. to form a 50:50 Joint Venture (JV) company that will create a new sports offering for the UK & Ireland.

The CMA's decision now allows BT and Warner Bros. Discovery to complete the creation of the JV in the coming weeks and for each of their assets to be transferred into the new company. BT Sport and Eurosport UK will be brought together to form a sports joint venture for customers, providing the JV with one of the most extensive portfolios of sports rights in the UK & Ireland.

Both BT Sport and Eurosport UK will initially retain their separate brands and product propositions in the market before being brought together under a single brand in the future. The Board of Directors of the JV will be equally represented between appointees of British Telecommunications plc and Warner Bros. Discovery.

The first Chairperson to be appointed, nominated by each shareholder on a rotating basis, will be Marc Allera, CEO BT's Consumer division. The new management and delivery of the JV will be led by Andrew Georgiou, President and Managing Director, Warner Bros. Discovery Sports Europe, who will be a member of its board.