According to two familiar people, BT is in advanced negotiations to sell its 50% stake in BBC TNT Sports to U.S. joint venture partner Warner Bros. Discovery.
They added that when BT sets releases its full-year results, they can announce a deal as early as next week. However, this timing can still depend on the progress of the negotiations.
The move will end BT's participation in sports broadcasts in more than a decade, allowing telecom companies to place more than £100 million bets, offering exclusive football matches will win new broadband customers and maintain existing loyalty.
Warner Bros Discovery has the option to buy BT by the end of next year. The agreement will give the U.S. media giants better control over the future of sports channels, a key part of their business in Europe.
Sports will launch the HBO series in the UK next year (for example) succession and White lotus. The platform – renamed to HBO Max this week, not just Max – will also show new Harry Potter series.
BT and WBD declined to comment.
BT entered the sports rights market with an aggressive strategy in 2012 to compete with Sky in the broadcaster’s homeland and match the quotes offered by bundled TV, broadband and mobile services.
However, BT CEO Allison Kirkby has identified the TNT channel (with the right to exclusive Premier League football matches) as non-core. Since taking over in February 2024, she has been hoping to refocus the company on its traditional mobile phones and broadband products.
TNT has long been a cash loss for BT as competition with Sky and Amazon has increased to secure the right to key matches like the Premier League. According to an account filed by the UK Company Building, the company booked a pre-tax loss of £187.5 million in fiscal 2024.
The joint venture is worth over £700 million in its BT account. However, people close to negotiations say the book value of the business does not reflect the transaction value, and any transaction with WBD will be significantly lower than that.
TNT Sports reserves the right to show other matches including the European Champions League.
The company airs 52 Premier League live matches every season until 2029 and has reached a four-year contract with the Football Association to showcase the FA Cup in 2025.