Discovery Communications is now the majority owner of OWN: Oprah Winfrey Network after paying Winfrey $70 million to acquire an additional 24.5% stake in the cable channel.
The deal between Discovery and Winfrey’s Harpo Inc. brings Discovery’s stake, after taking into account net debt at the network, to more than 70%, Discovery announced today.
“This transaction represents Winfrey’s first payment from Harpo, Inc.’s ownership stake in OWN in the 10 years since forming the joint venture with Discovery,” the announcement notes. “Winfrey’s Harpo, Inc. will retain a significant minority interest in OWN and Winfrey will continue in her role as CEO, with her exclusivity commitment to the network extended through 2025.”
Said Winfrey: “Creating OWN and seeing it flourish, supported by Discovery and a rapidly growing group of the finest storytellers in film and television, is one of my proudest achievements. I’m thrilled with the network’s success and excited about this next chapter in our partnership. Together, we’ll continue to inspire our viewers with real-life stories that are emotional and entertaining, connecting them to each other and to their greatest potential.”
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