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Discovery buys majority stake in Play Sports Group

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Discovery buys majority stake in Play Sports Group

Discovery Inc. acquired a 71% controlling stake in Play Sports Group, a digital sports media company behind cycling brands Global Cycling Network and Global Mountain Bike Network.

Under terms of the transaction, Play Sports Group founder and CEO Simon Wear and its team of 140 cycling experts across various divisions, including marketing and sales services, will join Discovery to form a cycling-focused division in the company.

Discovery, which originally acquired a 20% stake in Play Sports Group in February 2017, said Jan. 8 that it will leverage the acquisition to help build a worldwide cycling media ecosystem through its principal sport brand Eurosport.

Eurosport is the TV rights holder for cycling events including Grand Tours, over 35 UCI World Tour races, Monuments and the UCI World Championships. Play Sports Group is also behind the Global Triathlon Network brand.