BT-Warner Bros Discovery Sports Deal Invites UK Antitrust Inspection

BT Group Plc's BTGOF £633 million ($797 million) sports TV joint venture with Warner Bros Discovery, Inc WBD is subject to antitrust scrutiny from the U.K.'s competition watchdog, Bloomberg reports.
The Competition and Markets Authority enquired whether the transaction could raise competition concerns.
Accordingly, CMA will decide whether to move to an in-depth probe by July 28.
Previously BT disclosed creating a joint venture with Warner Bros Discovery to bundle Premier League football rights with Eurosport that will have a single brand in the future.
BT looks to transfer its pay-TV operating businesses to the U.S. firm and receive £93 million cash upfront and £540 million earn-out. Warner Bros will then get a call option to buy out BT's interest in the business.
Price Action: WBD shares traded lower by 0.27% at $18.50 in the premarket on the last check Wednesday.