GCN has been sold by Warner Bros. Discovery to its founder, Simon Wear, and CEO Mia Walter.
A majority stake in Play Sports Network, the company behind the YouTube channel and website, was sold back to Wear and Walter this week, it was confirmed on Wednesday.
The press release says that Play Sports Network "will continue to operate its cycling brands delivering digital content across YouTube, its websites and other social platforms". Cycling Weekly understands that the website will not be continuing in its current form.
Discovery bought into Play Sports Group, the company that has owned the GCN operation since its inception on YouTube, in 2017 and increased its shareholding in 2019.
In 2021 it took a 100% stake in the company in a deal that reportedly valued it at £70m.
That included the YouTube channel, and then the newly-created GCN+, the streaming service which comprehensively covered professional cycling with a dedicated platform and app. Play Sports Network also expanded its portfolio with a website, which launched last August.
However, at the end of 2023, the GCN+ streaming service and app were closed, with Warner Bros. Discovery moving the television rights to its Eurosport, Discovery+ and Max, leaving Play Sports Network responsible for just the YouTube channel and website.
On Wednesday, it was confirmed that Play Sports Network was sold back to Wear and Walter; Wear was the founder of the brand over a decade ago.
In the 2022 accounts for DNi Europe Holdings, Warner Bros. Discovery’s parent company for Play Sports and other investments, published in October last year, it wrote down the investment by £66m. There were reports last September that GCN was for sale.
A press release from Warner Bros. Discovery read: "Warner Bros. Discovery has today confirmed the sale of a majority stake in Play Sports Network to its founder, Simon Wear, and CEO, Mia Walter.
"Play Sports Network and the leading cycling community brands it operates, including Global Cycling Network (GCN), has been part of Warner Bros. Discovery since it acquired a majority stake of Play Sports Network in 2019.
"During the time of Warner Bros. Discovery’s majority and whole ownership, Play Sports Network’s brands were part of amplifying Warner Bros. Discovery’s position as the ‘home of cycling’, with Eurosport continuing to provide premium cycling coverage for viewers across Europe.
"Warner Bros. Discovery is retaining a minority stake with a view to working with Play Sports Network’s leadership on the long-term development of the business.
"Both organisations will continue their considerable efforts to serve the cycling community and cycling audiences. 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.
"Warner Bros. Discovery (then Discovery, Inc.) first invested in Play Sports Network in 2017, before taking a majority stake in 2019, and the business outright in 2021."
Play Sports Network was contacted for comment on Wednesday morning.
