BT nears deal to sell TNT Sports stake to Warner Bros Discovery, FT reports

(Reuters) -BT is in advanced talks to sell its 50% stake in British broadcaster TNT Sports to U.S. joint venture partner Warner Bros Discovery (NASDAQ:WBD), 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.

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