DALLAS, June 7, 2021 /PRNewswire/ -- GAC Media,
LLC, a newly-formed group of US-based investors today announced
that it has acquired the Great American Country ("GAC") Network
from Discovery, Inc. GAC's format includes lifestyle
programming and is available in approximately 40 million television
households. Contemporaneous with its acquisition of GAC, GAC
Media has also acquired RIDE TV, a 24-hour, high-definition
television network dedicated to showcasing equestrian sports,
culture and lifestyle.
Together, GAC and RIDE TV constitute the first two channels in
GAC Media's larger effort to revitalize and invest in
family-friendly programming that is both timeless and
entertaining. Bill Abbott, an
industry veteran who has operated and launched several cable
channels that became highly profitable ratings leaders, especially
in the area of Christmas content, will run GAC and RIDE TV moving
forward as President & CEO. Among other key initiatives, Mr.
Abbott will oversee a prompt review of additional content
opportunities while leading growth initiatives in advertising and
distribution.
Mr. Abbott commented, "Even as the entertainment ecosystem
continues to rapidly evolve – both in terms of distribution
platforms and underlying content – consumer interest in family
friendly programming that enriches lives and offers safe
entertainment options remains as strong as ever. GAC and RIDE
TV represent cornerstone assets in this respect, and we look
forward to growing both channels even as we pursue the larger goal
of establishing new, well-resourced and engaging family-friendly
programming."
GAC Media was organized by Dallas-based Hicks Equity Partners LLC ("HEP")
and Mr. Abbott and includes US-based family offices. Deal
terms for GAC and the RIDE TV acquisitions, both of which have
closed, were not disclosed.
About Hicks Equity Partners LLC
Hicks Equity Partners LLC is the private equity arm of the
Thomas O. Hicks family office. With
more than 40 years of private equity experience, Mr. Hicks was an
early pioneer of the "buy and build" strategy of investing and
co-founded Hicks Muse Tate & Furst, which raised more
than $12 billion of private equity across six funds and
completed over $50 billion of leveraged acquisitions. HEP
looks for established companies with proven track records, strong
free cash flow characteristics, a strong competitive industry
position and an experienced management team looking to partner with
long-term capital.
About Discovery, Inc.
Discovery, Inc. (Nasdaq: DISCA, DISCB, DISCK) is a global leader in
real life entertainment, serving a passionate audience of superfans
around the world with content that inspires, informs and
entertains. Discovery delivers over 8,000 hours of original
programming each year and has category leadership across deeply
loved content genres around the world. Available in over 220
countries and territories and nearly 50 languages, Discovery is a
platform innovator, reaching viewers on all screens, including TV
Everywhere products such as the GO portfolio of apps;
direct-to-consumer streaming services such as discovery+, Food
Network Kitchen and MotorTrend OnDemand; digital-first and social
content from Group Nine Media; a landmark natural history and
factual content partnership with the BBC; and a strategic alliance
with PGA TOUR to create the international home of golf. Discovery's
portfolio of premium brands includes Discovery Channel, HGTV, Food
Network, TLC, Investigation Discovery, Travel Channel, MotorTrend,
Animal Planet, Science Channel, and the forthcoming multi-platform
JV with Chip and Joanna Gaines,
Magnolia Network, as well as OWN: Oprah Winfrey Network in the
U.S., Discovery Kids in Latin
America, and Eurosport, the leading provider of 3 locally
relevant, premium sports and Home of the Olympic Games across
Europe. For more information,
please visit corporate.discovery.com and follow
@DiscoveryIncTV across social platforms.
Contacts
For Hicks Equity Partners
Jonathan Morgan
Kekst CNC
jonathan.morgan@kekstcnc.com
For Discovery, Inc.
Jake Urbanski
Jake_Urbanski@Discovery.com
For RIDE TV
Amanda Devan
a.devan@ridetv.com
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SOURCE GAC Media