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(Sharecast News) - BT's proposed broadcasting joint venture with Warner Bros. Discovery was cleared by the Competition and Markets Authority on Friday.
The FTSE 100 telecoms giant announced a set of agreements with the US-based media behemoth on 12 May, to form a 50-50 venture to provide a "premium sport offering" for the UK and Ireland.
It would see its existing BT Sport operation be transferred to Warner Bros. Discovery, and combined with Eurosport UK.
"Both BT Sport and Eurosport UK will initially retain their separate brands and product propositions in the market before being brought together under a single brand in the future," BT said in its statement at the time.
"BT Group - through its wholly owned subsidiary British Telecommunications plc - and Warner Bros. Discovery will enter into distribution agreements with the joint venture under which they will distribute the combined sports content to new and existing customers on their respective platforms and apps."
The CMA announced its inquiry on 31 May, into whether the venture would result in a "relevant merger situation" that would need a deeper probe.
On Thursday, it said it would allow the proposed joint venture to proceed.
"The CMA has cleared the anticipated joint venture between Warner Bros. Discovery and BT Group," the competition watchdog said in its statement.
At 1001 BST, shares in BT Group were down 1.68% at 177.85p.
Reporting by Josh White at Sharecast.com.
