Discovery Raises Stake in Oprah Winfrey Network

Discovery raised its stake in its joint venture with TV mogul Oprah Winfrey to more than 70 percent.

REUTERS

(Reuters) — Discovery Communications Inc. said on Monday it had raised its stake in its joint venture with TV mogul Oprah Winfrey to more than 70 percent.

Discovery paid $70 million to acquire an additional 24.5 percent stake in the Oprah Winfrey Network from Harpo Inc, founded by Winfrey.

Winfrey, who will retain a minority interest and continue in her role as chief executive of OWN, has extended her commitment to the network through 2025, Discovery said.

OWN, launched in 2011 as a joint venture between Discovery and Harpo, focuses on African American viewers, mostly women, and includes hit series such as “Queen Sugar” and “Greenleaf.”

Discovery was advised by Allen & Co LLC and Grubman Shire Meiselas & Sacks, while Harpo was advised by Moelis & Co LLC and Loeb & Loeb LLP.

Read more news @ DiversityInc.com

Recommended Articles

Leave a Reply

*Your email address will not be published


« Previous Article     Next Article »