Discovery Communications will officially become the majority owner of the Oprah Winfrey Network.
According to reports, a new deal will increase the company’s ownership stake to 70 percent, marking Oprah’s first payout as part of her joint venture. OWN, which launched in 2011, was previously jointly owned by Discovery and Winfrey’s Harpo, Inc.
The company reportedly paid $70 million to secure an additional 24.5 percent stake in OWN. However even with the new changes, Oprah will still be CEO and her Harpo, Inc. will remain a minority investor.
“Ten years ago, Oprah and I began to imagine what a network, inspired by her vision and values, could mean to viewers across the U.S.,” David Zaslav , Discovery president and CEO, said in a statement. “In an increasingly crowded landscape, OWN has emerged as the leading destination for African-American women and one of the strongest superfan brands across all screens and services.”
Sounds like Zaslav is looking forward to a boost in African-American viewership numbers.
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