GCN sold back to founder by Warner Brothers Discovery, website to close

Global Cycling Network (GCN) has been sold back to its founder and CEO, Warner Bros. Discovery confirming the deal on Wednesday 12th June. As we understand it, this does not mean that the GCN+ streaming platform will be returning any time soon, but the GCN brand will continue operating as it is currently on "YouTube, and other social platforms". The GCN website, however, has stopped operating with immediate effect, leading to several job losses. 

Play Sports Network's Companies House records note that founder Simon Wear and CEO Mia Walter have this week been appointed as directors, with the company's registered office address also returning to GCN's Bath office.

Yesterday afternoon, Warner Bros. Discovery confirmed the sale to us, sharing a press release that said it was passing back a majority stake in Play Sports Network but would retain a minority stake to work with "leadership on the long-term development of the business".

In September, it was reported that Warner Bros. Discovery was looking for a buyer for Play Sports Network, this week's deal coming six months after GCN+ was shut due to a "changing media industry landscape", namely the parent company wanting to consolidate live cycling coverage output as part of its Discovery+ service, leaving no place for the cycling streaming platform.

> What's the best way to watch live cycling following the closure of GCN+?

In a press release shared with road.cc on Wednesday afternoon, Warner Bros. Discovery claimed the partnership had been "part of amplifying Warner Bros. Discovery's position as the 'home of cycling'" and "both organisations will continue their considerable efforts to serve the cycling community and cycling audiences".

"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," a company spokesperson explained.
 
"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, 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."

road.cc has contacted Play Sports Network for comment but had not received a reply at the time of publication. We understand GCN will be closing its website with immediate effect, leading to several job losses. 

Discovery, which merged with Warner Brothers in 2022, first bought a 20 per cent stake in the Play Sports Group in 2017, before taking full ownership in 2021 in a deal that valued the business, which also includes Global Mountain Bike Network and Global Triathlon Network, at £70 million.

According to its Companies House accounts, Play Sports Network, which employs around 200 UK staff, generated revenues of £17.2 million in 2021, but made a loss of £10 million.

> The rise & fall of GCN+ – is the livestream party over for cycling fans?

In November, GCN founder Wear said it was "hugely disappointing" that GCN+ and the GCN app were to close, the move coming after Warner Brothers Discovery opted to move live cycling content (which it owned the rights to) to its Discovery+ platform.