The UK sports broadcast joint venture between BT Group PLC (LSE:BT.A) and Warner Bros Discovery Inc (NASDAQ:WBD) has been approved by the UK’s competition watchdog, allowing the creation of a new sports channel in the UK and Ireland.
The Competition and Markets Authority (CMA) had opened an investigation over the deal in early June, but has decided against taking the issue further, meaning the 50:50 JV can go ahead.
According to a statement from BT, the creation of the new company can be completed in the coming weeks.
BT Sport and Eurosport UK, which is owned by Warner Bros, will be “brought together to form a sports joint venture for customers”.
Both entities will retain their separate brands and products for the time being, such as BT Sports’ Champions League offering, before being brought together under a single brand in the future.
“Today is a huge milestone, as we now look toward day one of the new business, which we hope to be in the coming weeks,” said Marc Allera, future chairman of the JV and chief executive of BT’s consumer division.