Oprah Sells Part of Stake in OWN Network For $70 Million
Discovery Communications will become the majority owner of Oprah Winfrey’s OWN network. The company will increase its ownership stake in Oprah Winfrey’s network to 70 percent. Launched in 2011, OWN, was previously a joint venture between Discovery and Winfrey’s Harpo, Inc.
Discovery reportedly paid $70 million to acquire an additional 24.5 percent stake in OWN, after factoring in net debt. Harpo, Inc. will remain a minority investor, and Winfrey will remain CEO of OWN with an exclusivity commitment through 2025.
OWN’s majority stake fits with Discovery’s plans to increase its leverage with pay TV operators and potentially launch its own direct-to-consumer streaming service by acquiring more content.