Fri, 30 Apr 2021 | BUSINESS SALE
BT has confirmed that it is seeking to sell a stake in its pay-TV sport business, BT Sport, and has held a number of talks with companies including Amazon, Disney ITV and Dazn.
According to the telecoms company, it is considering a number of options, including a full sale of the business, a joint venture partnership or selling a stake. Investment bank Lazard has been appointed to aid BT as it explores the most strategic options.
Following the news, BT Sport, which airs content including Premier League and Champions League football, saw its share price rise by almost 3 per cent as investors welcomed the possible cash injection.
Commenting on the announcement, a company spokesperson added that they hoped the move would strengthen the firm's business and help it continue to develop and expand.
"Further to media reports, BT can confirm that early discussions are being held with a number of select strategic partners to explore ways to generate investment, strengthen our sports business and help take it to the next stage in its growth," BT said. "The discussions are confidential and may or may not lead to an outcome."
BT Sport was launched in 2012 as BT sought to match the success of competitor Sky. Following billions of pounds worth of investment in sports rights and bidding wars, the two leading sports services entered into a channel-sharing deal to allow customers to watch all Premier League games without having to buy separate TV packages.
According to BT, the firm is now hoping to refocus on its telecoms operation, including its full-fibre broadband and 5G mobile network.
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