UK Competition and Markets Authority Warner Bros. to create a new premium sports offering for the UK and Ireland. It explores a proposed joint venture between Discovery and BT Group. The regulator said today it will notify interested parties on Tuesday and will comment on the transaction by June 17.
During the investigation, with the Phase 1 decision deadline set as July 28, the CMA will assess whether and if so, “will” the merger create a suitable merger situation under the provisions of the Companies Act 2002. The situation is expected to lead to a significant reduction in competition in any UK market or markets for goods and services.
The 50-50% joint venture plans were approved in early May, and BT Sport’s Warner Bros. It will be transferred to its current job at Discovery and will effectively combine the content offerings of BT Sport and Eurosport UK.
JV’s portfolio of premium sports rights includes UEFA Champions League and Europa League, Premier League matches, Premier Rugby, UFC, Olympic Games, Tennis Grand Slam, Australian Open and Cycling Grand Tours including Roland Garros, Giro Tour. d’Italia and the Winter Sports World Cup season.
In May, the companies, Warner Bros. announced that Discovery and BT will directly contribute, license or lease the joint venture in related sports rights and UK and Irish distribution agreements.
IT, subject to certain conditions, Warner Bros. It will receive 93.93 million (US$ 113.6 million) and approximately 40.54 billion (US$ 659.3 million) joint venture revenue from Discovery. BT will own a 50% stake in the joint venture, Warner Bros. Discovery will be given a buyout option instead of BT’s stake in the company.
The transaction is subject to customary closing conditions, including approval by relevant regulatory authorities, and is expected to close in late 2022.
Source: Deadline
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