(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.