Discovery increases its stake in biking platform Play Sports Group

Discovery has acquired a 71% stake in digital sports media company, Play Sports Group. The company works with cycling brands such as Global Cycling Network, Global Mountain Bike Network and Global Triathlon Network. In partnership with Play Sports Group, Discovery will create a global ecosystem combining the “best” of community, content, lifestyle and events for the growing number of cycling enthusiasts, which makes up US$50bn in the global market. Discovery aims to build a cycling media ecosystem worldwide, leveraging its position as the “global leader” in live sports and a premiere rights holder for cycling events in Europe - through its principal sports brand Eurosport. The channel originally took a 20% stake in Play Sports Group in February 2017. The additional investment increases Discovery’s ownership of Play Sports Group, which will become a subsidiary of Discovery. Play Sports Group founder and CEO, Simon Wear, and his team of 140 cycling experts across content, creative, digital, marketing and sales services, will join Discovery to form a new global cycling-focused division in the company. Founded in 2012, Play Sports Group currently owns and operates eight cycling video channels generating over 45 million video views every month, with 5.7 million social followers and 3.1 million subscribers. Last year, Play Sports Group launched five new international channels, a consumer retail division and fan club, and broadcasts live racing on its YouTube channels and via Facebook Watch. Discovery’s investment in the Play Sports Group looks to strengthen the company’s strategy of “powering people’s passions” by developing brands and products that serve global communities of fans and enthusiasts. The new proposition will also create opportunities for both parties to develop a direct-to-consumer offering for cycling fans around the world. Peter Faricy, CEO, global direct to consumer at Discovery  said that the partnership with Play Sports Group accelerates the company's global direct-to-consumer sports strategy and provides 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 bring 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," he added. Meanwhile, Wear said that since Discovery's initial investment, the team has worked closely with president of Discovery, JB Perrette and the rest of the team. “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. 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," he added.