Discovery invests in Enduro Sports Organization, product of the Enduro World Series
LONDON (BRAIN) – Discovery Inc.’s Play Sports group invests in Enduro Sports Organization, which manages the Enduro World Series and E-Enduro World Series. The company said the investment will accelerate the expansion of EWS events and create live and on-demand content.
Discovery and Play Sports Group, through its GCN and GCN + app, covers over 200 professional road, track, BMX, cyclocross and mountain bike events, producing over 2,500 live hours over 300 days in 2021.
The Enduro World Series has more than 20,000 riders, 30 professional teams and 80 races in 25 countries. The events include both amateur and professional participants.
Simon Wear, Founder and CEO of Play Sports Group, said: “This is one of those great moments that you dream of someday happening. I had the pleasure of knowing (Chris Ball, co- founder of EWS) and the team for the past few years – what a team – I have long been a fan of the Enduro World Series and the inspiring races that take place all over the world that represent and support an amazing mountain biking community.
“This deal represents the bonding of a number of great companies EWS, GMBN, the wider Play Sports group and the high-profile Eurosport platform, all powered by Discovery’s remarkable machine. I am so excited to see what we’re going to do together. “
The founding members of EWS, Chris Ball, Fred Glo and Enrico Guala, will retain their seats on the Enduro Sports Organization Council and will be joined by Simon Wear; Philip Smith, the CFO of Play Sports Group; and Nimesh Kataria, vice president of finance – Eurosport, Discovery International.
Discovery bought a majority stake in Play Sports Group in January 2019. According to a media industry report, Discovery acquired the remaining shares in the company recently, although Discovery has not announced it. Discovery is traded on the Nasdaq under the symbols DISCA, DISCB, DISCK.
Discovery announced its first quarter financial statements on Wednesday. Total revenues were $ 2,792 million, up 4% from the prior year quarter. Net income was $ 140 million and diluted earnings per share was $ 0.21.