UK television broadcasters BT Sport and Eurosport UK have entered a joint venture today, with all assets combined and a 50/50 split of control agreed.

The agreement with BT was completed by Eurosport UK’s parent company, Warner Bros. Discovery, with each party having equal representation on the board of directors.

To begin with, each channel will continue separate broadcasting, with a plan to gradually introduce a new sports brand.

Commenting on the venture, Warner Bros. Discovery Sports Europe’s managing director, Andrew Georgiou, said: “”It’s important for fans to know they can continue to enjoy BT Sport and Eurosport U.K. as they do today and we’ll keep them updated on future plans as soon as we can. We are pleased the transaction has closed and we can now further engage all stakeholders in the process of establishing the JV and developing its extensive combined sports offer.”

“Today marks the start of our journey to build a new sports destination for fans in the U.K and Ireland. Combining BT Sport and Eurosport U.K. together with Warner Bros. Discovery’s world-class and growing entertainment offering will result in an exciting new proposition for consumers,” he said.

The merger will give the new platform the rights to an impressive portfolio of sporting events, including the Olympics, the FIFA World Cup, rugby, tennis, boxing, cycling, wrestling and elite European football.