(BRAIN) — Warner Bros. Discovery has sold Play Sports Network — the parent of cycling website GCN — back to its founders, Simon Wear and Mia Walter.
WBD is retaining a minority share in Play Sports Network, which is based in Bath, United Kingdom. WBD also retains the television rights for cycling events previously streamed on GCN+, which closed last fall. WBD has moved the events from GCN+ to WBD-owned platforms including Eurosport, Discovery+ and Max.
GCN has continued to produce articles and feature videos shown on its website, YouTube channel and other social network channels.
Wear and Walter were among the founders of Play Sports Network in 2013. Discovery (before its merger with Warner Bros.) acquired a majority share in Play Sports Network in 2019, having previously acquired a minority share in 2017. Walter is the company's CEO and Wear is its executive chairman. Wear is also the founder and chairman of Shift Active Media.
Multiple news sources in the United Kingdom are citing a press release from Warner Bros. Discovery announcing the sale. BRAIN was unable to obtain the release on Wednesday.
“Play Sports Network will continue to operate its cycling brands delivering digital content across YouTube, its websites and other social platforms. Warner Bros. Discovery maintains its focus on world-class live cycling coverage through Eurosport on linear television and its streaming services Max and discovery+, offering the widest range of men’s and women’s races anywhere, including more than 1,000 cycling broadcasts per year,” the release says in part, according to SportsBusiness.com.
According to the SportsBusiness article, Warner Bros. Discovery is retaining a minority stake in GCN “with a view to working with Play Sports Network’s leadership on the long-term development of the business.”
