GCN has been bought by Warner Bros. Discovery to its founder, Simon Put on, and CEO Mia Walter.
A majority stake in Play Sports activities Community, the corporate behind the YouTube channel and web site, was bought again to Put on and Walter this week, it was confirmed on Wednesday.
The press launch says that Play Sports activities Community “will proceed to function its biking manufacturers delivering digital content material throughout YouTube, its web sites and different social platforms”. Biking Weekly understands that the web site is not going to be persevering with in its present type.
Discovery purchased into Play Sports activities Group, the corporate that has owned the GCN operation since its inception on YouTube, in 2017 and elevated its shareholding in 2019.
In 2021 it took a 100% stake within the firm in a deal that reportedly valued it at £70m.
That included the YouTube channel, after which the newly-created GCN+, the streaming service which comprehensively lined skilled biking with a devoted platform and app. Play Sports activities Community additionally expanded its portfolio with an internet site, which launched final August.
Nevertheless, on the finish of 2023, the GCN+ streaming service and app have been closed, with Warner Bros. Discovery transferring the tv rights to its Eurosport, Discovery+ and Max, leaving Play Sports activities Community liable for simply the YouTube channel and web site.
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On Wednesday, it was confirmed that Play Sports activities Community was bought again to Put on and Walter; Put on was the founding father of the model over a decade in the past.
Within the 2022 accounts for DNi Europe Holdings, Warner Bros. Discovery’s father or mother firm for Play Sports activities and different investments, printed in October final 12 months, it wrote down the funding by £66m. There have been reviews final September that GCN was on the market.
A press launch from Warner Bros. Discovery learn: “Warner Bros. Discovery has immediately confirmed the sale of a majority stake in Play Sports activities Community to its founder, Simon Put on, and CEO, Mia Walter.
“Play Sports activities Community and the main biking group manufacturers it operates, together with World Biking Community (GCN), has been a part of Warner Bros. Discovery because it acquired a majority stake of Play Sports activities Community in 2019.
“In the course of the time of Warner Bros. Discovery’s majority and entire possession, Play Sports activities Community’s manufacturers have been a part of amplifying Warner Bros. Discovery’s place because the ‘house of biking’, with Eurosport persevering with to supply premium biking protection for viewers throughout Europe.
“Warner Bros. Discovery is retaining a minority stake with a view to working with Play Sports activities Community’s management on the long-term improvement of the enterprise.
“Each organisations will proceed their appreciable efforts to serve the biking group and biking audiences. Play Sports activities Community will proceed to function its biking manufacturers delivering digital content material throughout YouTube, its web sites and different social platforms. Warner Bros. Discovery maintains its give attention to world-class dwell biking protection by means of Eurosport on linear tv and its streaming providers Max and discovery+, providing the widest vary of males’s and ladies’s races wherever, together with greater than 1,000 biking broadcasts per 12 months.
“Warner Bros. Discovery (then Discovery, Inc.) first invested in Play Sports activities Community in 2017, earlier than taking a majority stake in 2019, and the enterprise outright in 2021.”
Play Sports activities Community was contacted for touch upon Wednesday morning.
