Variety: Warner Bros. Discovery Sells MotorTrend Group to Hearst

Story from Variety:

Warner Bros. Discovery has sold the MotorTrend Group of automotive brands to Hearst Magazines.

Terms of the deal weren’t disclosed. MotorTrend Group’s portfolio, which includes MotorTrend, Hot Rod, Roadkill and Automobile, “embodies car culture from electric vehicles to timeless classic customs,” according to the companies. The group’s brands reach more than 30 million users per month and its events business draws approximately 500,000 car enthusiasts annually to experiences such as Hot Rod Drag Week, Roadkill Nights and the Japanese Automotive Invitational at Pebble Beach.

In 2017, Discovery Communications — which later acquired WarnerMedia to form Warner Bros. Discovery — bought a majority stake in TEN: The Enthusiast Network. Discovery combined its Velocity TV network with the digital and live-event businesses of TEN’s 20-plus automotive brands including MotorTrend and Hot Rod.

Earlier this year, Warner Bros. Discovery shut down the MotorTrend+ subscription streaming service after content from the service was migrated to Discovery+ and Max (and MotorTrend+ subscribers were switched over to Discovery+’s ad-free plan).

“The acquisition of MotorTrend represents a strategic investment in our business — one that enables us to expand our digital offerings, reach an even broader and more diverse community of automobile enthusiasts and bring the most innovative opportunities to the market,” Debi Chirichella, president of Hearst Magazines, said in a statement. “We look forward to welcoming MotorTrend Group to our Hearst family as we continue to drive long-term growth across the business.”

Alex Wellen, CEO and president of MotorTrend Group, commented: “Over the past 75 years, we have grown MotorTrend into one of the most influential automotive multimedia companies in the world, reaching hundreds of millions of car enthusiasts across all platforms. Joining Hearst, a business I’ve long admired, will ensure that our beloved collection of brands continue to serve and entertain automotive fans for years to come.”

The MotorTrend brands will continue to operate out of offices in El Segundo, Calif., and Detroit.