Oprah Winfrey Sells Majority Share Of Her OWN Network To Discovery

Say it ain’t so, O!  Oprah Winfrey has sold the majority of the Oprah Winfrey Network to Discovery Communications for $70 million, which means the media company now has nearly 75 percent ownership over the six-year-old brand.

Prior to the sale, OWN was a 50-50 joint venture between Winfrey and Discovery, though she’ll continue to maintain her role as the network’s chief executive.  Reportedly, the transaction marks the first time the queen of all media has taken money out of the venture.

“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,” Winfrey said in a statement.

OWN was launched in 2011, and despite early ratings struggles and staff turnover, OWN has become the top-rated network for African American women with such popular series as Queen Sugar and Greenleaf. The network has benefited from its relationships with dynamic producers Tyler Perry and Ava DuVernay.

As part of the deal, the 63-year-old will work exclusively for OWN in the basic cable space through 2025.

Headquartered in Silver Spring, Maryland, Discovery Communications also owns the Discovery Channel, Animal Planet and TLC. With a majority stake in OWN, which is available in 80 million homes in the U.S., Discovery can exert more control and consolidate the channel’s revenue and earnings on its balance sheet.

“This transaction allows Discovery and Oprah to unlock more value from our partnership; extends once more her commitment to the network; and lets us continue our strong work together to nourish OWN viewers with the content they love,” Discovery Chief Executive David Zaslav said in a statement.

Discovery is reportedly in the process of acquiring Scripps Network Interactive, which owns such female-skewing channels as HGTV and Food Network.

Facebook Comments

Tags:

You May Also Like

Producer Will Packer Says Girls Trip Sequel Being Discussed

Girls Trip is arguably the funniest film of 2017, and many moviegoers have seen ...

Appropriation of the Hashtag #MeToo for Victims of Sexual Assault

Let’s set the record straight. Just like Christopher Columbus didn’t actually discover America. Actress ...

Baltimore May Sell Houses for $1 to Revitalize Charm City

As described by Nina Simone in the song “Baltimore,” in some ways Baltimore is ...

Tiffany Haddish Is The Last Black Unicorn

This Saturday, Tiffany Haddish will bring her signature brand of humor to NBC’s Saturday ...

Texas Teacher Adopts 16 Year Old Student

Most everyone has memories of one or two teachers who made a difference in ...

Lead Levels On The Rise In Detroit Youth

Flint, Michigan and the lead poisoning that has been discovered in its water source ...

First Look at Yari Shahidi’s Spin-off series, Grown-ish

It’s A Different World for a new generation of TV viewers. Like The Cosby ...

WATCH The Trailers Of The 7 Documentary Feature Contenders for the Oscars

It’s Oscar season, when film companies jockey for nominations from the Academy of Motion ...