Benzinga | Jun 7, 2021 10:07AM EDT

Discovery Sells Great American Country Network To Newly-Formed GAC Media; Terms Not Disclosed

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.