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Want to gorge on the Olympics, flick across every Champions League match and binge-watch the new Game of Thrones prequel?

Then a new TV giant, created by a joint venture between BT and Warner Bros. Discovery, will deliver it all to your screens – for a price.

In an attempt to capitalize on subscribers turning away from standalone streaming services such as Netflix and challenge Sky’s dominance over paid-for sport and entertainment, BT Sport and Discovery +, home to the Eurosport channels, have joined forces to create a new subscription streaming brand in a £633 million deal.

It will combine some of the world’s most valuable sporting events such as the UEFA Champions League, the Premier League and the Olympic Games as BT Sport and Eurosport UK are united under one brand, subject to regulatory approval.

But Warner Bros Discovery said that it also plans to offer a one-stop shop for sports and entertainment by including its other major venture, the new HBO Max streaming platform, into the offer to UK and Irish viewers.

Building on HBO’s reputation for high-quality US drama, HBO Max will offer exclusive series such as the hotly-anticipated game of Thrones prequel, House of the Dragon and hit drama Succession.

HBO Max’s UK arrival will be delayed by a long-term deal for the Comcast-owned Sky to screen HBO programmes, which expires in 2025.

BT Group and Warner Bros Discovery have been working for months on the 50:50 joint venture, prompted by the telecoms company’s decision to step back from the expensive business of bidding for sports rights to focus on its core broadband business.

However, JB Perrette, Warner Bros. Discovery’s head of global streaming, said a single premium subscription would “ultimately house the Discovery product and HBO Max and sports — the whole package in one.”

The “super-subscription”, with pricing offers dependent on which sports or shows are most valuable to fans, is one way of beating the streaming fatigue which has entered the TV market.

Perrette said Netflix, which wobbled after losing 200,000 subscribers this year, lacked the variety of content the combined forces of Warner Bros, Discovery and BT can offer. “Having news, sports and entertainment coming together in one package is incredibly compelling for consumers,” he said.

Prices are certain to rise but BT’s immediate pledge was that BT Sport customers will get Discovery +, which offers unlimited access to the Summer and Winter Olympics, rolled in to their current package.

Perrette promised that the new venture would still sub-licence limited live streams from the Olympics to the BBC, which has had to accept reduced coverage after Discovery snapped up exclusive European rights to the games for £922m until 2024.

A decade of hyper-inflation in sports rights could be coming to an end, as fans rationalize their subscriptions during straightened times.

The Premier League renewed a four-year deal with Sky, BT and Amazon for the same fee of £4.8bn, avoiding an auction that could have led to hundreds of millions being wiped off its value.

New entrants such as Eleven Sports, which launched in the UK in 2018 as a premium platform with rights to major European football leagues, including La Liga and Serie A and other major sports, with drawn after failing to secure enough subscribers.

DAZN, billionaire Sir Len Blavatnik’s streaming platform which has invested heavily in boxing rights, had hoped to take a stake in BT Sport but lost out to Warner Bros. Discovery.

The joint venture will see a host of premium rights, such as the Olympics, Champions League and Premier League, come under a single umbrella in the market and can pose a serious threat to Sky in the market.

Analysts said young viewers, with tastes ranging from Formula 1 to UFC and football, were driving the value of TV sport.

Minal Modha, sports industry lead at Ampere Analysis, said: “Our consumer data shows that in the UK, 28 per cent of sport fans want to watch live sport via streaming and this rises to 39 per cent among those aged 18-24.”

“So the new joint venture provides a real opportunity for both the broadcasters and rights holders on their platform to move with changing viewing habits and keep that hard-to-reach young audience engaged.”

She added: “The joint venture will see a host of premium rights, such as the Olympics, Champions League and Premier League, come under a single umbrella in the market and can pose a serious threat to Sky in the market.”

Pricing will be key. Discovery+ currently costs £6.99 a-month for entertainment and sports shows, whereas a BT Sport monthly pass, with Champions League and Premier League games access, is £25.

“If the company is able to keep the pricing under £10/month, it can help democratise sport viewing in a market where so much has remained behind expensive paywalls for so long,” Ms Modha said.

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