Media and entertainment company Discovery Communications has acquired a 20-per-cent stake in digital sports media company Play Sports Group.
Under the terms of the investment, Discovery, which operates international sports broadcaster Eurosport, will also secure a seat on the Play Sports Group board.
Play Sports Group operates leading cycling brands, Global Cycling Network and Global Mountain Bike Network.
In January of this year, Play Sports Group’s content on video-sharing website YouTube and social media services Facebook, Instagram and Snapchat reached more than 20 million cycling fans. Play Sports Group publishes more than 1,100 videos each year.
Eurosport is a leading broadcaster of cycling, with rights to all three of the Grand Tours, including the Tour de France, and all five Monuments. Eurosport will broadcast live cycling on more than 200 days in 2017.
The investment will allow the company to launch further channels in cycling and across other sports and hire up to 150 people for newly-created digital and creative roles over the next two years, predominantly based at its headquarters in the UK city of Bath, Play Sports Group said.