Discovery Communications’ partnership with Oprah Winfrey in the struggling OWN cable network is costing the company plenty, and so far the investment is not paying off.
Discovery revealed that it spent an additional $12 million on OWN during the third quarter, the New York Post reports, adding that the venture continues to lose money.
Discovery Chief Executive David Zaslav, however, is upbeat about OWN’s future, noting that advertisers are renewing agreements, the piece adds. Zaslav says the network is focused on expanding its distribution, according to the report.
The company spent heavily on marketing Winfrey’s "Lifeclass," which began airing nightly at 8 p.m. in October, the piece notes. The strip, which repurposes library content in a self-help format with Winfrey hosting, has reportedly generated 3 million online streams.