By Kyle Morris
BT Group PLC said Friday that it has secured the rights to broadcast the majority of the UEFA Champions League soccer matches and all UEFA Europa League games and UEFA Europa Conference League games exclusively live for a further three seasons at 305 million pounds ($371.4 million) a year.
The U.K. telecom company said BT Sport will show the new format of the three European competitions from 2024. It expects to pay a deposit of around GBP61 million in July 2022.
The sports joint venture between BT Group and Warner Bros. Discovery will pay the rights costs less the deposit, BT said.
BT said the outlook for fiscal 2023 remains unchanged.
Following completion of the sports joint venture with Warner Bros. Discovery, it expects group revenue to reduce by GBP0.5 billion-GBP0.6 billion a year relative to fiscal 2022. It doesn't see a material impact on fiscal 2023 adjusted earnings before interest, taxes, depreciation, and amortization.
"BT Sport continues to be the home of the UEFA Club Competitions until 2027," BT's Consumer Division's Chief Executive Marc Allera said.
Shares in BT Group at 1010 GMT were down 1.10 pence, or 0.6%, at 185.20 pence.
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(END) Dow Jones Newswires