Discovery Buys Majority Stake in Play Sports Group

Discovery Inc. has picked up a 71 percent controlling stake in Play Sports Group with plans to develop a direct-to-consumer offering for cycling fans around the world.

Discovery originally took a 20 percent stake in Play Sports Group—the digital sports media company behind the cycling brands Global Cycling Network, Global Mountain Bike Network and Global Triathlon Network—in February 2017. Discovery is now planning to create the first global ecosystem combining the best of community, content, lifestyle and events for cycling enthusiast.

The move follows on Discovery’s strategic alliance with the PGA Tour for a direct-to-consumer multiplatform home for golf, GOLFTV.

JB Perrette, president and CEO at Discovery International, 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 turbocharge the expansion and globalization of the Play Sports Group.”

Peter Faricy, CEO of global direct to consumer at Discovery Inc., added: “Our partnership with Play Sports Group accelerates our global direct-to-consumer sports strategy and gives us an unprecedented opportunity to create a single global cycling destination for fans around the world. Discovery and Play Sports Group share a consumer-obsessed philosophy centered on a deep understanding of super-fans and creating content that inspires, informs and entertains, taking them closer to the sports they love.

“We know the value Play Sports Group brings to our portfolio and we’re excited by the possibility of building a 360-degree proposition that combines the strength of their digital-first, fan-centric content, alongside Eurosport’s premium live broadcasting rights and existing direct-to-consumer platforms.”

Founder and CEO of Play Sports Group, Simon Wear, said: “I am tremendously proud and excited for Play Sports Group to join the Discovery family. As a fan and community-focused business, we could not be more perfectly aligned with Discovery’s deep-rooted history in serving passionate, specialist audiences with super high-quality content.

“Since Discovery’s initial investment in PSG, we have worked closely with JB Perrette and his team and it has become increasingly clear that, as innovative direct-to-consumer businesses, we have a shared vision of how to super-serve fans’ ever-evolving needs. The combination of Discovery and Eurosport’s leading package of cycling rights, its resources, infrastructure and company philosophy, combined with Play Sports Group’s massive community of cycling fans means we have a phenomenal package. The opportunity to build a world-class digital destination, in multiple languages, for cycling fans the world over is one that’s just too good to miss.”