TNT Sports, a UK pay-TV broadcasting joint venture between Warner Bros Discovery (WBD) and BT, has reported a significant increase in losses during its first season following a high-profile rebrand from BT Sport. The company's accounts filed at the UK’s Companies House reveal that pre-tax losses escalated to nearly UK£190 million during the 2023/24 financial year. This is a stark contrast to the loss of UK£73.4 million posted in 2022/23 – the final year under the BT Sport banner.
Despite this financial setback, TNT Sports remains optimistic about its future growth prospects. The company believes that post-merger investments and efficiencies have laid down a robust platform for future expansion.
Interestingly, while losses widened, customer revenue saw an uptick from UK£1.09 billion to UK£1.15 billion during this period. This growth came after TNT Sports launched in summer 2023 as an integration of WBD and BT’s sports broadcasting operations. The launch was accompanied by an internal restructuring process and associated marketing campaign along with several new rights agreements which could be contributing factors towards this revenue increase.
Key contracts & partnerships
Despite increased losses, TNT Sports expressed satisfaction with its consumer-facing financial performance. The company has renewed key contracts with major sporting entities such as Premier League, Uefa Champions League, and FA Cup - all of which are expected to drive viewer engagement significantly.
In addition to these renewals, there are reports of near completion on a lucrative extension worth around £200 million with Premiership Rugby. Furthermore, Pentland Brands has come on board as their first-ever 'channel sponsor', adding brands like Berghaus, Canterbury Ellesse Endura Mitre, and Speedo to their portfolio.
Expanding content portfolio
Earlier this year, TNT Sports made a strategic move by integrating Eurosport’s content into its linear and digital portfolio. This integration could potentially increase subscription revenue even further, thereby offsetting some of the losses incurred.
The company's accounts read that the UK sports broadcasting sector is a mature market driven by strong demand for live sports content. The rise of streaming services offers further opportunities to enhance viewer experiences. TNT Sports aims to capitalise on this demand while also developing product improvements to drive customer value.
Looking ahead, TNT Sports has an exciting line-up planned for its viewers. From the 2025/26 season onwards, it will broadcast at least 52 live Premier League games along with every game from the FA Cup and more than 500 matches from Uefa club competitions. Additionally, it will air the 2026 Winter Olympic Games - all of which are expected to boost viewer engagement and subsequently revenues in future years.
