The sale of Play Sport Network, parent company of the Global Cycling Network, signifies the end of a costly investment by Warner Bros Discovery, which resulted in a £33 million write-off of debts. Despite a revenue rise to £24 million in 2023, the company still reported a loss exceeding £9 million. Most income stemmed from digital channels, post the GCN+ streaming platform's closure. The ongoing financial struggles paint a challenging picture for cycling media investments, with significant losses accumulated over recent years.
The closure of Global Cycling Network's parent company Play Sport Network marks the end of an expensive investment from Warner Bros Discovery, reflecting financial woes.
Play Sport Network's sale to its former owner follows the shutdown of the GCN+ streaming platform, underlining the challenges faced in the cycling media market.
Despite a revenue increase, Play Sport Network posted further losses in 2023, highlighting ongoing financial struggles and an accumulated deficit of over £33 million.
Warner Bros Discovery wrote off over £33 million in debts from Play Sport Network, illustrating the financial implications of its investment in the cycling sector.
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