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


You May Also Like

The ESRB Will Label Games With Loot Boxes And In-Game Transactions

This post was originally published on this site Blizzard/Activision Microtransactions, usually in the form ...

The Same People Who Want to Keep Somalians Out of the U.S. Want Trump to Let in White South Africans

This post was originally published on this site South Africa’s parliament, in a landmark ...

‘Black Panther’ Is Shaping Up To Have A $100 Million Opening

This post was originally published on this site Marvel Black Panther, being part of ...

Facebook Commits To Hiring A Black Board Member

When exactly is the foreseeable future? That’s how long we’ll have to wait to ...

Quincy Jones’ Daughters Told Him to STFU

This post was originally published on this site We’ve all heard the saying “loose ...

Keep It Bubbly: Soothe Sensitive Winter Skin With Natural Soaps

This post was originally published on this siteI don’t know about you, but I ...

A Closet Full of Bad Decisions: Why H&M’s Misstep Is More Than a Poor Marketing Choice

This post was originally published on this site Maybe we should’ve added “racist marketing ...

Alexandria, Va., Ranks as Top Place to Travel in 2018; Next-Door Neighbor Washington, DC, Says, ‘Huh?’

This post was originally published on this site Washington, D.C., suburb, Alexandria, Va., is ...

Rapper French Montana Is Helping Undocumented Immigrants Go to College

This post was originally published on this siteFor months, Congress has been debating whether ...