BT opens talks over potential sale of sports broadcasting business - FT
BT has opened talks with a number of potential investors as it considers a sale of its sports broadcasting operation, looking to focus on its core broadband and telephony business and blow the whistle on the content business.
The telecoms company has appointed investment bank Lazard and held initial talks with companies including Dazn, Amazon, Walt Disney and private equity companies over a potential investment in the business, said a person with direct knowledge of the situation.
The move could encompass a full disposal of BT Sport, forming a joint venture or partnership with a media business, or selling a stake in it to bring in outside investment.
Discussions are still at an early stage with a number of partners, said multiple people with knowledge of the process.
“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,” the company said on Thursday. Shares rose 2 per cent to 163p.
The move reverses BT’s strategy of building a sizeable presence in the sports market over the past decade to take on Sky, which had encroached on its core broadband business. The company is instead looking to revert to a role as an aggregator of content, offering a suite of apps, including Sky, Netflix and Amazon Prime, through its BT TV service.
