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WARNER BROS. DISCOVERY, INC.

(WBD)
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Real-time Estimate Cboe BZX  -  01:39 2022-10-06 pm EDT
12.48 USD   +0.93%
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Competition watchdog clears BT joint venture with Warner Bros Discovery

07/22/2022 | 02:34am EDT

* Competition authority will not refer deal to Phase 2 probe

* BT, Warner Bros Discovery can complete creation of joint company

LONDON, July 22 (Reuters) - Britain's competition watchdog on Friday approved a merger of sports broadcasting businesses of BT Group and Warner Bros. Discovery.

The deal to combine BT's sports TV unit with Discovery's Eurosport in Britain and Ireland enables the British company to retain Premier League soccer for its customers, while sharing the burden of expensive broadcast rights.

BT, Britain's biggest broadband and mobile provider, agreed to a sports broadcasting tie-up with Discovery in May after months of discussions with the U.S. media company.

In June, Britain's Competition and Markets Authority started what it calls a Phase 1 investigation on whether the joint venture would reduce competition.

The authority said on Friday it would not refer the deal to a in-depth Phase 2 investigation.

BT Group and Warner Bros. Discovery welcomed the decision, which allows them to complete the creation of the joint venture, BT Sport and Eurosport UK, in the coming weeks and to transfer assets to it.

They said it would initially retain their separate brands and products before later bringing them together under a single brand.

BT and Warner Bros. Discovery will be equally represented on the joint venture's board.

The new company will be chaired initially by Marc Allera, chief executive of BT's consumer division. Management will be led by Andrew Georgiou, president and managing director of Warner Bros. Discovery Sports Europe. (Reporting by James Davey; editing by Jason Neely and Bradley Perrett)


© Reuters 2022
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 WARNER BROS. DISCOVERY, INC.
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Financials (USD)
Sales 2022 45 294 M - -
Net income 2022 -3 471 M - -
Net Debt 2022 47 573 M - -
P/E ratio 2022 -8,91x
Yield 2022 -
Capitalization 29 665 M 29 665 M -
EV / Sales 2022 1,71x
EV / Sales 2023 1,52x
Nbr of Employees 11 000
Free-Float 78,4%
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Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 12,22 $
Average target price 24,89 $
Spread / Average Target 104%
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Managers and Directors
David M. Zaslav President & Chief Executive Officer
Gunnar Wiedenfels Chief Financial Officer
Samuel A. di Piazza Chairman
Robert R. Bennett Independent Director
Li Haslett Chen Independent Director
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