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Discovery buys majority stake in the Oprah Winfrey Network for a lot of bread

Posted/updated on: December 5, 2017 at 4:18 pm
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Disney(LOS ANGELES) — Producer, actress, and Weight Watchers entrepreneur Oprah Winfrey has made it known that she loves bread — and she just made a heap of it, figuratively, by selling a majority stake of the Oprah Winfrey Network.

According to Variety, Discovery paid a whopping $70 million to Oprah to acquire an additional 24.5 percent stake in her company. As part of the new agreement, Winfrey will remain CEO of OWN until 2025.

“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,” said Winfrey in a statement. “I’m thrilled with the network’s success and excited about this next chapter in our partnership. Together, we’ll continue to inspire our viewers with real-life stories that are emotional and entertaining, connecting them to each other and to their greatest potential.”

OWN was launched in 2011 and is noted as cable’s top network for African-American women due to series like Greenleaf and the Ava DuVernay produced Queen Sugar.

The new deal marks the first time that Winfrey has received payment from the joint venture since it was originally forged with Discovery.

Winfrey has also been busy on the big screen: in March, she’ll be seen in Disney’s adaptation of A Wrinkle in Time.

Copyright © 2017, ABC Radio. All rights reserved.


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