Global Cycling Network (GCN) has been sold back to its founder and CEO, Warner Bros. Discovery, confirming the deal today. As we understand it, this does not mean that the GCN+ streaming platform will return anytime soon, but that the GCN brand will continue to operate as it currently does on “YouTube and other social platforms.”
Play Sports Network’s Companies House filings show that founder Simon Wear and CEO Mia Walter have been appointed as directors this week, with the company’s headquarters also returning to GCN’s Bath office.
This afternoon, Warner Bros. confirmed Discovery completed the sale to us by sharing a press release stating that it would return a majority stake in Play Sports Network, but retain a minority stake to work with “leadership on the long-term development of the company.” “.
In September it was reported that Warner Bros. Discovery was looking for a buyer for Play Sports Network. This week’s deal came six months after GCN+ was shuttered due to a “changing media industry landscape,” namely its parent company looking to consolidate live cycling. coverage output as part of the Discovery+ service, leaving no room for the bike streaming platform.
> What’s the best way to watch live cycling after GCN+ closes?
In a press release shared with road.cc on Wednesday afternoon, Warner Bros. Discovery that the collaboration was “part of strengthening Warner Bros.’ position. Discovery as the ‘home of cycling’” and that “both organizations will continue their significant efforts to serve the cycling community and the cycling public”.
“Warner Bros. Discovery today confirmed the sale of a majority stake in Play Sports Network to founder Simon Wear and CEO Mia Walter,” a company spokesperson explained.
“Play Sports Network and the leading cycling community brands it operates, including Global Cycling Network (GCN), have been part of Warner Bros. Discovery since it acquired a majority stake in Play Sports Network in 2019. During Warner Bros. Discovery’s time majority and wholly owned, Play Sports Network brands were part of strengthening Warner Bros. Discovery’s position as the ‘home of cycling’, with Eurosport continuing to provide premium cycling coverage to viewers across Europe.
“Warner Bros. Discovery will retain a minority interest for the purpose of working with Play Sports Network leadership on the long-term development of the company.
“Both organizations will continue their significant efforts to serve the cycling community and cycling public. Play Sports Network will continue to operate its cycling brands and deliver digital content on YouTube and other social platforms. Warner Bros. Discovery continues to focus on world-class live streaming. cycling coverage via Eurosport on linear television and the streaming services Max and Discovery+, which offer the largest selection of men’s and women’s racing in the world, including more than 1,000 cycling broadcasts per year.
“Warner Bros. Discovery (then Discovery, Inc.) first invested in Play Sports Network in 2017, before taking a majority stake in 2019, and the company in 2021.”
road.cc has contacted Play Sports Network for comment but had not received a response by time of publication. A report has been published by Cycling Weekly suggesting that the GCN website will not continue in its current form.
Discovery, which merged with Warner Brothers in 2022, first bought a 20 percent stake in Play Sports Group in 2017 before taking full ownership in 2021 in a deal that valued the company, which also includes Global Mountain Bike Network and Global Triathlon Network belong. , for £70 million.
According to Companies House accounts, Play Sports Network, which employs around 200 UK staff, generated a turnover of £17.2m in 2021 but made a loss of £10m.
> The rise and fall of GCN+ – is the livestream party over for cycling fans?
In November, GCN founder Wear said it was “hugely disappointing” that GCN+ and the GCN app would be closing, after Warner Brothers Discovery opted to move live cycling content (to which it owned the rights) to its Discovery+ platform.