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Telecoms giant BT lowered its reveneu outlook after reporting a fall in profit in the nine months through December as weakness in its global and enterprise businesses weighed on performance.
As a result of the ongoing impact of Covid-19 and supply chain issues, we now expect adjusted revenue for FY22 to decline by around 2% compared with the prior year, the company said.
For the nine months through December 2021, pre-tax profit fell by 3% to £1.54 billion year-on-year as revenue slipped 2% to £15.68 billion.
The company revelaed that it had reached agreement in principle with Sky for a new longer-term reciprocal channel supply deal to beyond 2030.
In a seperate announcement, BT said it entered exclusive discussions with Discovery, Inc. on a deal to create a new sport and entertainment offering for customers in the UK.
The new business would be a 50/50 joint venture, bringing together BT Sport with Eurosport UK.
'The new combined business would remain committed to retaining BT Sport's existing major sports broadcast rights while BT Sport customers would get access to Discovery's sport and entertainment content, including the discovery+ app,' the company said.
'BT Group are aiming to conclude the exclusive discussions with Discovery, Inc. in early Q1 for the new company to be operational later this year, subject to completion of the deal and approval by the relevant competition authorities,' it added.