Discovery Communications Partners With MLB's BAMTech To Launch European Venture

Discovery Communications Inc. and Major League Baseball Advanced Media's BAMTech announced a long-term partnership to form BAMTech Europe. The new venture will "represent BAMTech's expansion in Europe and will provide world-class digital technology services to a broad set of sports, news and entertainment clients in Europe," the companies said in a news release. Discovery's partnership with BAMTech -- minority owned by Walt Disney Co. -- comes as media and tech companies continue to seek out one another in tie-ups and on the same day Discovery reported third-quarter earnings, in which it posted decreased profit and flat revenue, both falling short of Wall Street expectations. Shares of Discovery Communications were inactive in premarket trade and are down more than 2% in the year, underperforming the S&P 500 Index , which is up 4%.