Discovery, Inc. has sold the Great American Country network to GAC Media, a newly formed group of U.S.-based investors, the investor group announced on Monday (June 7).
Great American Country Network includes music and lifestyle programming and is available in roughly 40 million TV households. The sale comes following the recently announced plans to merge Discovery, Inc. and WarnerMedia to form Warner Bros. Discovery.
The deal comes after Discovery Inc. and A&T’s WarnerMedia announced plans of a merger between the two companies, to be led by Discovery president and CEO David Zaslav (pictured).
GAC Media also announced it acquired Ride TV, a 24-hour, high-definition TV network dedicated to equestrian sports, culture and lifestyle. Together, GAC Media says the two networks constitute the first two channels in its larger effort to revitalize and invest in family-friendly programming.
Bill Abbott, industry veteran and former president and CEO of Crown Family Networks, will run GAC and Ride TV as president & CEO. He’ll oversee a review of additional content opportunities while leading growth initiatives in advertising and distribution.
GAC Media was organized by Abbott and Dallas-based Hicks Equity Partners LLC. Terms of the acquisition deals for GAC and RIDE TV were not disclosed.
“Even as the entertainment ecosystem continues to rapidly evolve – both in terms of distribution platforms and underlying content – consumer interest in family friendly programming that enriches lives and offers safe entertainment options remains as strong as ever,” Abbott said in a statement.
“GAC and Ride TV represent cornerstone assets in this respect, and we look forward to growing both channels even as we pursue the larger goal of establishing new, well-resourced and engaging family-friendly programming.”