--BT Group said it is in early discussions with strategic partners in relation to BT Sport

--Media reports linked Amazon, Disney and DAZN with a potential purchase of a stake in BT Sport

--Shares in BT rose on the news

By Adria Calatayud

BT Group PLC confirmed Thursday that it is in early discussions with some strategic partners in relation to its BT Sport business, a move that could potentially reduce its exposure to European soccer at an uncertain time for the sport.

The confirmation from BT came after media reports indicated the U.K. telecommunications company was in talks with U.S. companies Amazon.com Inc. and Walt Disney Co., as well as with sports-streaming platform DAZN, for a potential sale of a stake in the business.

Amazon and DAZN declined to comment. Disney didn't respond to a request for comment.

BT said the discussions are being held to explore ways to generate investment, strengthen the business and help take it to the next stage in its growth.

"The discussions are confidential and may or may not lead to an outcome," BT said.

Shares in BT at 1034 GMT were up 2.4% at 163.75 pence.

BT Sport was launched in 2013 and holds exclusive rights to air the top European soccer club competitions in the U.K. including the Champions League, which was challenged last week amid plans by 12 elite clubs to form a breakaway league, which eventually collapsed.

BT Sport's product would be devalued if the clubs follow through on such breakaway plans, AJ Bell Investment Director Russ Mould said.

"By selling a bit of the business, and reducing the amount it spends on sport, BT could generate funds to help meet the massive bill it faces for investing in broadband infrastructure," Mr. Mould said.

BT is accelerating the rollout of its fiber-broadband networks in the U.K. and targets reaching 20 million premises by the mid-to-late 2020s as part of a 12 billion-pound ($16.73 billion) investment plan.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

April 29, 2021 07:03 ET (11:03 GMT)

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