While the financial elements of the deal are not known, Octagon has been retained in an event management capacity for the Gravity Games in a separate multi-year contract.
The action sports franchise is the latest asset to be sold by Octagon following the agency's decision to offload its majority stake in four UK motorsports circuits.
The move to sell one of its more successful properties is a further sign of the financial pressures on Octagon as it looks to downsize its operations.
Stated OLN president and chief executive officer Roger Williams: "OLN is the premiere destination on television for adventure and action sports, and our acquisition of the Gravity Games further adds to our appeal with young viewers living an active lifestyle.
"This is an important step in our strategy of associating the OLN brand with events defining action sports, as we did with the 2003 Tour de France."
"Outdoor Life Network is extremely committed to the Games. Octagon will continue to provide marketing, sales and event operations support as well and advise OLN on the action sports industry," added Rick Dudley, president and CEO of Octagon.
"We are very proud of our five-year history with the Gravity Games and helping the Games become a premier property in the world of action sports. We are pleased to have the opportunity for an on-going role."
Sixteen of the top 20 highest rated action sports broadcasts have included Gravity Games events, including three of the five highest rated action sports telecasts and the single most viewed televised action sport event.
OLN, which is available in more than 56 million homes across the US, will air more than 20 hours of coverage of the competition and will produce a high-definition feed of the Games.
The September 2004 Gravity Games will feature more than 225 world-class action sports athletes from 13 countries, competing in 9 events. A 2005 Winter Gravity Games is currently being planned as an extension of the franchise.
Octagon has given further proof of a willingness to offload its assets after it announced the sale of action sports franchise the Gravity Games to US broadcaster Outdoor Life Network.
