Benzinga | Jun 7, 2021 12:01PM EDT

GAC Media Snaps Discovery's Great American Country Network for Undisclosed Sum

* A newly-formed group of US-based investors, GAC Media, acquired Discovery Inc's (NASDAQ:DISCA) the Great American Country (GAC) network.

* The financial terms of the transaction were not disclosed.

* GAC's format includes lifestyle programming and is available in 40 million television households. GAC Media also acquired high-definition television network RIDE TV.

* Industry veteran Bill Abbott will run GAC and RIDE TV as the CEO.

* Price action: DISCA shares traded lower by 0.25% at $31.47 on the last check Monday.