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BT Group Updates FY Outlook To Reflect Eurosport UK JV

BT Group plc (BT_A.L,BT, BTGOF) updated its annual outlook to reflect formation of Sports Joint Venture between BT Sport and Eurosport UK.

On 1 September 2022 BT Group and Warner Bros. Discovery announced completion of their transaction to form a 50:50 joint venture that combines the assets of BT Sport and Eurosport UK.

BT Group said Tuesday that forming the joint venture will reduce reported BT Group revenue for fiscal year 2023 by about 300 million pounds- 350 million pounds as a result of the seven months of fiscal year 2023 revenue transferring to the JV.

However, the company continues to expect underlying year on year Group revenue growth in fiscal year 2023 on a pro forma basis.

BT stated that its historical reported Group financials are unchanged.

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