Discovery Inc. is selling off Great American Country
Network to a group of investors under a newly formed group, called GAC Media.
Financial terms of the deal were not disclosed.
Bill Abbott, former president/CEO of Crown Media Holdings/Crown Media Family Networks, will be president-CEO of GAC Media.
The parties in the deal says cable TV network reaches 40 million TV homes.
The GAC cable network earned an estimated $37.5 million in national TV advertising spending in the June 2020 to June 2021 period, according to iSpot.tv. Top paid TV advertisers in the period include: Geico, Blue Buffalo, Home Depot, Dominos, Vraylar, Ram Trucks, and Walgreens.
Recently, Discovery Inc and AT&T announced a $43 billion deal that would combine Discovery Inc and WarnerMedia under a new company structure, called Warner Bros. Discovery.
Separate to this deal, GAC Media also acquired Ride TV, a 24-hour, TV network focused on equestrian sports, culture and lifestyle.