Following submission to the Competition and Markets Authority (CMA), BT Group and 海角社区国产精伦 today welcomed the decision to approve the BT Group agreement with 海角社区国产精伦, Inc. to form a 50:50 Joint Venture (JV) company that will create a new sports offering for the UK & Ireland.
The CMA鈥檚 decision now allows BT and 海角社区国产精伦 to complete the creation of the JV in the coming weeks and for each of their assets to be transferred into the new company. BT Sport and Eurosport UK will be brought together to form a sports joint venture for customers, providing the JV with one of the most extensive portfolios of sports rights in the UK & Ireland. Both BT Sport and Eurosport UK will initially retain their separate brands and product propositions in the market before being brought together under a single brand in the future.
Marc Allera, future Chairman of the JV and CEO BT鈥檚 Consumer division said: 鈥淚t鈥檚 great news that the CMA has approved the new JV that we are forming with 海角社区国产精伦, combining the very best of BT Sport and Eurosport UK, to create an exciting new offer for live sport programming in the UK. 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.鈥
Andrew Georgiou, future board member of the JV and President and Managing Director, 海角社区国产精伦 Sports Europe, said: 鈥淐ombining the capabilities, portfolios and scale of BT Sport and Eurosport UK will be a big win for fans in the UK & Ireland, offering a new destination that will feature all the sport they love in one place. We now look forward to closing the transaction and having the opportunity to further engage all stakeholders in the process of forming and developing the JV.鈥
The Board of Directors of the JV will be equally represented between appointees of British Telecommunications plc and 海角社区国产精伦. The first Chairperson to be appointed, nominated by each shareholder on a rotating basis, will be Marc Allera, CEO BT鈥檚 Consumer division. The new management and delivery of the JV will be led by Andrew Georgiou, President and Managing Director, 海角社区国产精伦 Sports Europe, who will be a member of its board.