Discovery Communications said that the $100 million it had earmarked for developing Oprah Winfrey’s new network isn’t going to be enough, reports the New York Post.
The network, slated to debut in January, has cost Discovery $75 million already in investment, the company said on Tuesday during an earnings conference call. "We’re in the process of revising that contract," said Brad Singer, the company’s chief financial officer. "[The budget] likely will go up. . . the cost to launch the network, it will be higher than we had originally contemplated." He declined to say what the company expects the cost will reach, the story says.
Discovery owns half of the Oprah Winfrey Network (OWN), with Winfrey owning the other half. While the network has greenlighted about dozen new shows, it’s only completed production on two or three nights of original programming, the story says. That means the network will fill out its schedule with reruns when it debuts, the article adds.