British Telecom (BT) is in advanced negotiations to divest its 50% ownership in TNT Sports to its joint venture partner, Warner Bros Discovery. The Financial Times initially broke the news, citing sources familiar with the discussions. A formal announcement is anticipated potentially as early as this week, aligning with BT's annual financial results. However, sources suggest this timeline might be subject to change.
This agreement would signify the end of BT's decade-long journey in sports broadcasting, commencing with the launch of BT Sport to bolster its then-nascent IPTV service, BT TV. The channel secured crucial rights for broadcasting Premier League football and Premiership Rugby. BT's enthusiasm for the venture had already begun to diminish, exacerbated by a £187.5 million pre-tax loss during the 2024 fiscal year, prompting the partnership with Discovery.
Following the collaboration, BT Sport transitioned to TNT Sports and earlier this year incorporated the UK's Eurosport, another Warner Bros Discovery asset. Upon assuming the role of BT's CEO in February 2024, Allison Kirkby prioritized a return to the company's core competencies, namely mobile and broadband services. Warner Bros Discovery retains an option to fully acquire BT's remaining stake before the close of next year.