A BT logo sits on a wall outside the headquarters of BT Group Plc in London, U.K., on Monday, Dec. 15, 2014. BT started exclusive talks to acquire Deutsche Telekom AG and Orange SA’s British wireless venture EE for 12.5 billion pounds ($19.6 billion), moving ahead with a deal that’s set to spur more mergers in the U.K. telecommunications market. Photographer: Jason Alden/Bloomberg via Getty Images
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BT is in advanced talks to sell its 50% stake in British broadcaster TNT Sports to U.S. joint venture partner Warner Bros Discovery, the Financial Times reported on Saturday.
Reuters could not immediately confirm the report.
A deal could be announced as early as next week, the newspaper reported, citing sources it did not name. BT is set to report full-year results next week.
Warner Bros Discovery has an option to buy out BT’s stake before the end of 2026, the FT said, adding that a deal would end BT’s involvement in sports broadcasting after more than a decade.
WBD and TNT declined to comment on the report, while BT did not immediately respond to requests for comment outside business hours.
[In 2022, the British telecom firm agreed to a sports broadcasting tie-up with Discovery in which both companies were equally represented on the venture’s board. A deal would come at a time when media companies are exploring options for their struggling cable TV businesses and sharpening the focus on their faster-growing streaming and studios divisions. WBD plans to launch its HBO Max service in Britain, Ireland, Italy and Germany in 2026