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BT is in advanced talks to sell its 50 per cent stake in UK broadcaster TNT Sports to US joint venture partner Warner Bros Discovery, according to two people familiar with the situation.
A deal could be announced as early as next week, they added, when BT is set to release its full-year results. However, that timing could still slip depending on how negotiations progress, one added.
The move would end BT’s involvement in sports broadcasting after more than a decade, bringing to a close the telecoms company’s multiple billion pound bet that offering exclusive football games would win it new broadband customers and keep existing ones loyal.
Warner Bros Discovery has an option to buy out BT before the end of next year. Striking a deal will give the US media giant better control over the future of the sporting channels, which are a key part of its business in Europe.
Sports will be a cornerstone of WBD’s streaming service when it launches in the UK next year, alongside HBO series such as Succession and The White Lotus. The platform — which was this week renamed HBO Max, rather than just Max — will also show the new Harry Potter series.
BT and WBD declined to comment.
BT entered the sports rights market in 2012 with an aggressive strategy to compete with Sky on the broadcaster’s home turf, matching bundled offers of TV, broadband and mobile services.
However, the TNT channels — which have the rights to some exclusive Premier League football games — have been identified as non-core by BT chief executive Allison Kirkby. Since taking over in February 2024, she has looked to refocus the company on its traditional mobile and broadband offering.
TNT has long been a cash drain for BT, because of increased competition with Sky and Amazon to secure rights for key competitions such as the Premier League. The business booked a £187.5mn pre-tax loss in the 2024 financial year, according to accounts filed at the UK’s Companies House.
The joint venture is valued in the BT accounts at more than £750mn. However, people close to the talks said that the book value of the business was not reflective of the deal value, and that any deal struck with WBD would be significantly lower than this figure.
TNT Sports, which has rights to show other competitions including the Uefa Champions League, was created after BT merged its sports division with Warner Bros Discovery’s Eurosport UK business in 2022.
The company has a four-year deal to air 52 Premier League live matches per season until 2029, and a four-year deal with the Football Association to show the FA Cup from 2025.
