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(Sharecast News) - The Competition and Markets Authority announced an investigation into the planned sports broadcasting joint venture between BT Group and Warner Bros. Discovery on Wednesday.
On 12 May, the FTSE 100 telecoms giant announced plans to form a venture with the newly-minted US entertainment conglomerate, merging its BT Sport operation with WB Discovery's Eurosport UK division.
At the time, BT said both broadcasters would retain their separate brands and product propositions, before being merged into a single brand "in the future".
The joint venture announcement came after months of speculation that BT was looking to offload its sports broadcasting arm, to focus on its core broadband and mobile operations.
"The Competition and Markets Authority is considering whether it is or may be the case that this transaction if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result, in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services," the competition watchdog said in a statement on Wednesday morning.
Warner Bros. Discovery itself was created by the spin-off of WarnerMedia by US telecoms behemoth AT&T, and its merger with Discovery, Inc., which completed on 8 April.
At 1002 BST, shares in BT Group were up 0.86% at 188.86p.
Reporting by Josh White at Sharecast.com.
