Warner Bros. Discovery invests in PTO: it is no longer only about organising races

At the end of 2022 PTO announced a Series B involving Divergent Investments, Michael Moritz and Warner Bros. Discovery, with Eckuity remaining an existing partner.

“Series B” sounds financial, but the idea is simple: a project that has moved beyond its earliest stage raises another round of capital to grow faster.

Warner Bros. Discovery matters because sport has two audiences: those who take part and those who watch.

PTO was trying to add a media model to triathlon’s traditional entry-fee business: build a product capable of attracting global audiences, broadcasters, digital platforms and sponsors.