Discovery, TEN form automotive JV | Major Businesses | Business | News | Rapid TV News
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Aiming to continue its strategy to reach superfans on all platforms with what it calls ‘durable’ content’, Discovery Communications has agreed to form a consolidated joint venture with TEN: The Enthusiast Network.

motor trend 4 aug 2017The venture will bring together Discovery’s Velocity channel (its automotive TV network) and TEN’s entire automotive digital, direct-to-consumer, social and live event portfolio, including brands Motor Trend, Hot Rod, Roadkill, Automobile, and more than 20 others. Discovery will take a majority controlling interest in the venture.

With plans to add Velocity content to TEN’s Motor Trend OnDemand subscription video-on-demand (SVOD) service, the JV also will mark Discovery’s first direct-to-consumer push in the US.

“This joint venture brings together the most trusted media brands in the automotive industry to create a multiplatform business with the reach, talent, and consumer insights to nourish car enthusiasts on all devices,” said David Zaslav, president and CEO, Discovery. “By combining popular brands like Motor Trend, Hot Rod and Velocity, this venture will create a content engine that fuels not only our linear platform but also new direct-to-consumer, social and mobile opportunities with the goal of owning the car vertical across all platforms.”

Upon closing of the transaction, the venture, to be called TEN: A Discovery Communications Company, will offer advertisers a unified offering with a combined reach of more than 150 million automotive superfans, car buyers and a male audience.

While TEN’s print businesses will not be contributed to the new venture, a commercial agreement will allow for continued cross-promotion between the print portfolio and the new venture.

“This venture is about giving advertisers the quintessential way to reach auto enthusiasts, prospective car buyers and an affluent male audience that buys a lot more than cars,” said Paul Guyardo, chief commercial officer, Discovery, who will also serve as CEO and chairman of the venture. “It’s also about giving consumers OTT access to world-class automotive content on every screen.”