Oprah Winfrey Sells 95% Stake In OWN To Discovery For $36 Million In Shares
Media Mogul, Oprah Winfrey just sold majority of her shares in her Oprah Winfrey Network (OWN) to its majority owner, Discovery Inc. According to sources, Winfrey’s company, Harpo Inc., filed to sell half of the 1.34 million shares and will receive $36 million in stock. While Oprah Winfrey will remain CEO of OWN, she now has a 5% stake and Discovery Inc, now has 95% ownership of OWN. Discovery and Harpo first established OWN in 2008, with each holding a 50% stake in the company. According to the original partnership, Winfrey could require Discovery to purchase a portion or all of her stake in OWN beginning in 2016. Discovery purchased a 24.5 % stake from Oprah Winfrey for $70 million in 2017. The new deal increases Discovery’s ownership in OWN from 73 % to 95 %.
It is unclear whether Oprah Winfrey will eventually give up her remaining 5% stake or choose to remain a stakeholder in OWN. Winfrey continues to be chief executive officer and chief creative officer of OWN. Reportedly, in 2021, Discovery Inc. is set to launch it’s own streaming service, ‘Discover Plus’. It will include more than 55,000 episodes from current and previously aired shows across its network brands, from OWN, HGTV, Food Network, TLC, Discovery Channel, ID, Animal Planet and the Travel Channel.
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