LONDON (BRAIN) — Discovery Inc.’s Play Sports Group is making an investment in Enduro Sports Organisation, which operates the Enduro World Series and the E-Enduro World Series. The company said the investment will accelerate the expansion of EWS events and create live and on-demand content.
Discovery and Play Sports Group, through its GCN and GCN+ app, covers more than 200 professional cycling events across road, track, BMX, cyclocross, and mountain bike, producing over 2,500 live hours across 300 days in 2021.
The Enduro World Series has more than 20,000 racers, 30 pro teams and 80 races in 25 countries. The events include amateur and pro participants.
Simon Wear, the founder and CEO at Play Sports Group, said, "This is one of those great moments you dream will happen one day. I've had the pleasure of getting to know (EWS co-founder Chris Ball) and the team over the last few years – what a team – I have long been a fan of the Enduro World Series and the inspiring racing that takes place all over the world. They represent and foster an incredible mountain bike community.
"This deal represents the binding of a number of great businesses EWS, GMBN, the wider Play Sports Group and the far-reaching platform of Eurosport all powered by the remarkable machine of Discovery. I am so excited to see what we will do together."
EWS' founding members Chris Ball, Fred Glo and Enrico Guala will retain their seats on the Enduro Sports Organisation Board and will be joined by Simon Wear; Philip Smith, the CFO of Play Sports Group; and Nimesh Kataria, VP Finance – Eurosport, Discovery International.
Discovery bought a majority share of Play Sports Group in January 2019. According to one media industry report, Discovery acquired the remaining shares in the company recently, although Discovery has not announced that. Discovery is traded on Nasdaq under the DISCA, DISCB, DISCK symbols.
On Wednesday Discovery announced its first-quarter financials. Total revenues were $2,792 million, up 4% compared to the prior-year quarter. Net income was $140 million and diluted earnings per share was $0.21.
