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    DISCA   US25470F1049

DISCOVERY, INC.

(DISCA)
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DISCOVERY : TO PROMOTE GROUNDBREAKING ELECTRIC GT CHAMPIONSHIP UNDER NEW LONG-TERM PARTNERSHIP WITH FIA - Discovery, Inc.

05/06/2021 | 09:28am EDT

The FIA and Discovery have agreed a long-term partnership for the promotion of the groundbreaking FIA Electric GT Championship launching in 2023.

Discovery, the global media group, was appointed by the FIA with its subsidiary, Eurosport Events, winning a competitive tender process to become the worldwide promoter of the FIA Electric GT Championship.

Discovery has a long-standing involvement in electric racing and sustainable motor sport. Through Eurosport Events it is the global promoter of PURE ETCR, the world's first all-electric multi-brand touring car championship, which was recently upgraded to FIA eTouring Car World Cup status from 2022.

NEW WORLDWIDE PROMOTER

By partnering with the FIA to create and promote the FIA Electric GT Championship, Discovery is taking another strategic step into electric racing. Its expertise will develop a long-term platform for premium manufacturers to showcase their flagship GT cars and innovative technologies.

The FIA and Discovery share the ambition to develop a revolutionary and innovative championship, featuring high-performance electric cars, exhilarating sprint racing held on renowned permanent circuits and highly advanced technical regulations relevant to consumer-facing electric mobility. All with a net zero carbon footprint instilled within its DNA.

In addition to the FIA's role as technical and sporting regulator, Discovery's expertise will ensure the championship has the commercial stability and global promotion to thrive.

The Discovery group's scale and depth of global consumer platforms, broadcast channels and media brands will raise awareness of the FIA Electric GT Championship worldwide. Discovery will maximise reach and audiences for the series globally. It will manage and optimise international multi-media rights distribution, which it is already doing for a number of premium sports properties including the Olympic Games and the PGA TOUR.

SIX EVENTS ACROSS THREE CONTINENTS

In 2023, the FIA Electric GT Championship will be made up of a minimum of six international events across Europe, Middle East and Asia, staged at a variety of iconic and challenging circuits, with the expectation to expand to the U.S. for season two.

PRODUCT AND TECHNOLOGY SHOWCASE

The FIA Electric GT Championship is intended to sit on top of the GT racing pyramid in terms of technology development, design, aspiration, at the same time remaining cost-effective and running in the current GT3 performance window. The FIA Electric GT will be the first FIA championship to feature 700kW super-fast charging pit stops to ensure cars will always race at the highest level of their capacities whilst at the same time showcasing the future of electric charging infrastructure.

SPRINT FORMAT AND EXCITING RACING

Each FIA Electric GT Championship round will be staged within a spectacular two-day format. Saturday will consist of a qualifying sprint race followed by Sunday's 45-minute main race featuring super-fast recharging pit stops.

SUSTAINABILITY AND CONSUMER EXPERIENCE FOCUS

As a global platform to promote electric mobility, FIA Electric GT Championship will play a major role in motor sport's continued transition towards sustainable racing. In partnership with the FIA, Discovery will ensure net zero-carbon races and events from year one, using renewable energy sources and reforming every step of its organisation standards to meet that objective. Yet, every Electric GT event will offer fans the opportunity to engage with electric mobility at a dedicated theme park in the paddock area, offering a rich and sensorial experience to feel the power, innovation and attractiveness of electric cars.

The creation of an all-electric championship for GT cars reflects the FIA's #PurposeDriven movement that embodies motor sport's positive contribution to areas such as health and safety, the environment, diversity and inclusion as well as community involvement and development.

ESPORTS INTEGRATION

With existing involvement in Esports development, Discovery and the FIA share the ambition to engage a new generation of motor sport fans and have a built-in Esports component within the FIA Electric GT Championship. More details will be announced at a later stage.

Jean Todt, FIA President, said: "Today's FIA Electric GT Championship announcement is an important milestone for the FIA. This concept is groundbreaking, sustainable, innovative and embodies our race-to-road approach in terms of technology transfer, making it relevant to manufacturers and road users. It is therefore important that this competition is in good hands in terms of promotion. In Discovery, and its subsidiary Eurosport Events, we have a strong partner experienced in promoting world level motor sport."

Andrew Georgiou, Eurosport and Global Sports Rights & Sports Marketing Solutions President, said: "Discovery is always striving to develop deeper and more expansive relationships with federations and event owners. In the case of the FIA, we are lucky to be associated with a leadership organisation that has such an ambitious vision for the future and drive to innovate.

"The FIA Electric GT Championship brings a completely different format and technical approach to electric racing, providing a complementary series that contributes to an enhanced overall offer for fans and manufacturers. It is a perfect fit for Discovery given our long-standing belief in electric racing. Our commitment to supporting the development of sustainable racing from an early stage spans being a shareholder in the ABB FIA Formula E World Championship since 2014 and, through Eurosport Events, becoming global promoter for the world's first all-electric multi-brand touring car championship, the FIA eTouring Car World Cup.

"While Discovery's heritage is in global broadcasting, today we deliver a full 360 offer from global multi-platform distribution to live event production to the full range of brand marketing solutions and event promotion. We are excited to bring all this to the FIA Electric GT Championship, building on Discovery's long-standing commitment to electric motorsport as a global platform to promote electric mobility and sustainability."

Head of Eurosport Events, Francois Ribeiro said: "It is a privilege to grow our 17-year partnership with the FIA. For the first time, we will put the full power of Discovery behind Eurosport Events, allowing us to meet the expectations of premium car manufacturers and develop a powerful new flagship asset in Electric GT.

"We share a common vision with the FIA for a next-generation Championship that features advanced technologies and outstanding electric mobility performance, all delivered through exciting and sustainable racing. As the performance segment of the automotive industry continues to rapidly convert to an electric future, Electric GT will provide a global stage to showcase the aspirational GT electric cars and super-fast charging capacity, which will become available for consumers tomorrow to recharge their cars within a few minutes."

Notes to Editor

About FIA:

The Federation Internationale de l'Automobile is the governing body of world motor sport and the federation of the world's leading motoring organisations. Founded in 1904, it brings together 240 national sporting and motoring organisations from more than 144 countries. In motor sport, it administers the rules and regulations for international four-wheel competitions.

About Discovery:

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 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 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.

About Eurosport Events:

Eurosport Events is the Discovery-owned Eurosport Group's event management division. It expertly delivers a full spectrum of event management services in two- and four-wheel sport under long-term agreements with the world governing bodies of both categories. The broad range of service provision includes promotion, television production, media rights distribution, press office management, sponsorship acquisition and client servicing.

On four wheels Eurosport Events promotes the WTCR - FIA World Touring Car Cup, the ERC, FIA European Rally Championship and the PURE ETCR, the world's first multi-brand electric touring car series, which will be upgraded to FIA World Cup status from 2022. The following year, 2023, Eurosport Events will expand its reach to undertake an all-encompassing promotional role in the all-new FIA Electric GT Championship in partnership with the FIA.

On two wheels, Eurosport Events promotes the FIM Endurance World Championship for motorbikes as part of a multi-year alliance with the FIM, which will expand to include FIM Speedway globally from 2022.

In 2021, a new track cycling competition is being launched and promoted by Eurosport Events, the UCI Track Champions League, under a 10-year agreement with the UCI.

.

(C) 2021 M2 COMMUNICATIONS, source M2 PressWIRE

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Financials (USD)
Sales 2021 12 081 M - -
Net income 2021 980 M - -
Net Debt 2021 11 907 M - -
P/E ratio 2021 21,2x
Yield 2021 -
Capitalization 19 956 M 19 956 M -
EV / Sales 2021 2,64x
EV / Sales 2022 2,41x
Nbr of Employees 9 800
Free-Float 64,2%
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Mean consensus HOLD
Number of Analysts 23
Average target price 42,83 $
Last Close Price 30,79 $
Spread / Highest target 98,1%
Spread / Average Target 39,1%
Spread / Lowest Target -9,06%
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Managers and Directors
NameTitle
David M. Zaslav President, Chief Executive Officer & Director
Gunnar Wiedenfels Chief Financial Officer
Robert J. Miron Chairman
Avi Saxena Chief Technology Officer
David C. Leavy Chief Corporate & Operating Officer
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