BT Sport/Discovery: a joint venture is more home draw than away win

BT's proposed joint venture delivers a partial exit from the pricey game of sports broadcasting. BT failed to agree terms with DAZN, the sports streaming company owned by billionaire Sir Leonard Blavatnik. Launched in 2013, BT Sport was a vanity project championed by football-loving former boss Gavin Patterson. Bundling content with airtime is passe and sporting rights no longer dazzle BT investors. Some of the thorny issues that scuttled sale talks, such as revenue guarantees, still apply with joint ventures.

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