Discovery has announced the purchase of a 71 per cent controlling stake in Play Sports Group, owner of the cycling brands Global Cycling Network, Global Mountain Bike Network and Global Triathlon Network.
The deal aims to build Discovery’s “number one cycling media ecosystem worldwide”, combining content, lifestyle and events for the $50 billion global cycling market.
In 2017 Discovery took a 20 per cent stake in Play Sports Group, which will now become a subsidiary of Discovery. Play Sports Group founder and CEO Simon Wear and his team will join Discovery, forming a new cycling-focused division in the company.
Discovery International president and CEO JB Perrette said: “This is another important step in Discovery’s strategy of being the global leader in brands and products that power people’s passions.
“I couldn’t be more excited to partner with Simon, a fantastic entrepreneur, and his terrific team to help turbo charge the expansion and globalisation of the Play Sports Group.”