U.S.-headquartered Discovery Inc. has purchased a 71% controlling stake in digital sports media company Play Sports Group, including the company’s cycling brands.
The purchase aligns with Discovery’s plans to build a leading global cycling direct-to-consumer media ecosystem, which will now include Play Sports Group’s cycling technology, training, tutorials, behind the scenes content and its cycling brands: Global Cycling Network, Global Mountain Bike Network and Global Triathlon Network.
Financial terms of the deal have not been disclosed.
Discovery had originally taken a 20% stake in Play Sports Group in February 2017. During 2018, Play Sports Group launched five new international channels, a consumer retail division and fan club, and broadcast live races on its YouTube channels and via Facebook Watch.
“This is another important step in Discovery’s strategy of being the global leader in brands and products that power people’s passions,” said JB Perrette, president and CEO at Discovery International, of the deal.
“Our partnership with Play Sports Group accelerates our global direct-to-consumer sports strategy and gives us an unprecedented opportunity to create a single global cycling destination for fans around the world,” added Peter Faricy, CEO of global direct to consumer at Discovery, in a statement. “Discovery and Play Sports Group share a consumer-obsessed philosophy centered on a deep understanding of super-fans and creating content that inspires, informs and entertains, taking them closer to the sports they love.”
(Photo courtesy of the Play Sports Network)