BT : Warner Bros. Discovery and BT Group close transaction to form Sports J..

• BT Sport and Eurosport UK assets now transferred into the new combined JV
• BT Sport and Eurosport UK retain separate brands today; will be brought together under a single brand in the future

LONDON, 1 September 2022: Warner Bros. Discovery and BT Group have today completed their transaction to form a 50:50 Joint Venture (JV) that combines the assets of BT Sport and Eurosport UK.

The move brings together one of the most extensive line-ups of live sport coverage for fans in the UK & Ireland - including the Olympic Games, the Premier League, UEFA Champions League, UEFA Europa League, the Premier League, Premiership Rugby, MotoGP, UFC, Boxing, WWE, tennis Grand Slams, cycling Grand Tours and the winter sports World Cup season.

As work begins to develop the new sports offering for the UK & Ireland, BT Sport and Eurosport UK will retain their separate product propositions for a period of time. BT Sport and Eurosport UK customers can continue to enjoy the current sport offerings in all the same ways they do currently.

Over time, the intention is to launch a new sports brand in the market and present this combined sports offering together with an entertainment offering from Warner Bros. Discovery.

Marc Allera, Chairman of the JV and CEO BT's Consumer division said:"As we enter our ninth season, today is day one of an exciting new chapter for BT Sport. I am extremely proud of the teams and the established brand and broadcaster that BT Sport has become, and I look forward to working with Warner Bros. Discovery to create an exciting new sport TV offering for the UK."

Andrew Georgiou, board member of the JV and President and Managing Director, Warner Bros. Discovery Sports Europe, said:"Today marks the start of our journey to build a new sports destination for fans in the U.K and Ireland. Combining BT Sport and Eurosport U.K. together with Warner Bros. Discovery's world-class and growing entertainment offering will result in an exciting new proposition for consumers.

"It's important for fans to know they can continue to enjoy BT Sport and Eurosport U.K. as they do today and we'll keep them updated on future plans as soon as we can. We are pleased the transaction has closed and we can now further engage all stakeholders in the process of establishing the JV and developing its extensive combined sports offer."

The JV's Board of Directors is equally represented between appointees of British Telecommunications plc and Warner Bros. Discovery. The first Chairperson, nominated by each shareholder on a rotating basis, is Marc Allera, CEO BT's Consumer division. Andrew Georgiou, President and Managing Director, Warner Bros. Discovery Sports Europe, is also a member of the board and will lead the business.

-ENDS-

About Warner Bros. Discovery

Warner Bros. Discovery (NASDAQ: WBD) is a leading global media and entertainment company that creates and distributes the world's most differentiated and complete portfolio of content and brands across television, film and streaming. Available in more than 220 countries and territories and 50 languages, Warner Bros. Discovery inspires, informs and entertains audiences worldwide through its iconic brands and products including: Discovery Channel, discovery+, CNN, DC, Eurosport, HBO, HBO Max, HGTV, Food Network, Investigation Discovery, TLC, TNT, TBS, truTV, Travel Channel, MotorTrend, Animal Planet, Science Channel, Warner Bros. Pictures, New Line Cinema, Cartoon Network, Adult Swim, Turner Classic Movies and others. For more information, please visitwww.wbd.com

About Warner Bros. Discovery Sports

Warner Bros. Discovery Sports Europe represents WBD's portfolio of sports brands, channels and platforms in Europe. It collectively reaches 130 million people every month, engaging fans and broad audiences in more than 200 markets and in over 20 languages across all platforms where consumers are spending time -free-to-air TV, pay-TV, streaming, online and social. Warner Bros. Discovery Sports Europe includes the much-loved consumer brands Eurosport, Global Cycling Network (GCN), Global Mountain Bike Network (GMBN), Golf Digest and GOLFTV powered by PGA TOUR, as well sports programming and content on discovery+ and Discovery's free-to-air TV networks. They connect audiences with the greatest sporting events in the world. This includes being the Home of the Olympics Games in Europe; tennis' Grand Slams; cycling's Grand Tours, more than 600 cycling broadcasts per year and the UCI Track Champions League; the PGA TOUR year-round; the best new and existing electric racing series with ABB FIA Formula E World Championship and FIA eTouring Car World Cup; and every major winter sports World Championship and World Cup event. Warner Bros. Discovery Sports Europe completes a full 360° offer with its events management and promotion arm, Discovery Sports Events.