Investing.com -- BT Group PLC (LON:BT) is in advanced negotiations to sell its 50% stake in U.K. broadcaster TNT Sports to Warner Bros Discovery Inc (NASDAQ:WBD), its U.S. joint venture partner, the Financial Times reported on Saturday.
A deal could be announced as early as next week, coinciding with BT’s full-year earnings, though timing may still shift depending on the progress of discussions, the report added.
The sale would mark the end of BT’s decade-long foray into sports broadcasting, a strategic move once intended to boost broadband subscriptions through exclusive football content.
Warner Bros Discovery already holds the option to buy out BT by the end of 2025. Acquiring full control would strengthen its hand as it integrates sports into its European streaming service, set to launch in the U.K. next year.
According to the FT, TNT has been a financial drag due to costly competition with Sky and Amazon (NASDAQ:AMZN) over major sports rights. In the 2024 financial year, the business posted a pre-tax loss of £187.5 million.
Though BT values its stake in the joint venture at more than £750 million, the report added that any transaction would likely be priced well below that figure.