A view of BT Group logo displayed on BT tower, in London, Britain, July 21, 2023. REUTERS
May 17 (Reuters) – BT (BT.L), is in advanced talks to sell its 50% stake in British broadcaster TNT Sports to U.S. joint venture partner Warner Bros Discovery (WBD.O), the Financial Times reported on Saturday.
A deal could be announced as early as next week, the newspaper reported, citing sources it did not name. BT is set to report full-year results next week.
Warner Bros Discovery has an option to buy out BT’s stake before the end of 2026, the FT said, adding that a deal would end BT’s involvement in sports broadcasting after more than a decad.
BT, WBD and TNT did not immediately respond to requests for comment outside business hours.
In 2022, the British telecom firm agreed to a sports broadcasting tie-up with Discovery in which both companies were equally represented on the venture’s board.
A deal would come at a time when media companies are exploring options for their struggling cable TV businesses and sharpening the focus on their faster-growing streaming and studios divisions.
WBD plans to launch its HBO Max service in Britain, Ireland, Italy and Germany in 2026.
Reporting by Gursimran Kaur in Bengaluru; Editing by William Mallard