In the latest development, the international entertainment major Discovery Communications has reached an agreement with Oprah Winfrey’s Harpo to increase its ownership stake in its Own, Oprah Winfrey Network JV.
Discovery has paid $70 million to acquire an additional 24.5% stake in Own from Harpo after taking into account net debt at the network, increasing Discovery’s ownership stake to more than 70%. This transaction represents Winfrey’s first payment from Harpo’s ownership stake in Own in the 10 years since forming the joint venture with Discovery. Winfrey’s Harpo will retain a significant minority interest in OWN and Winfrey will continue in her role as CEO, with her exclusivity commitment to the network extended through 2025.
According to Discovery president and CEO David Zaslav, “Ten years ago, Oprah and I began to imagine what a network, inspired by her vision and values, could mean to viewers across the US. In an increasingly crowded landscape, OWN has emerged as the leading destination for African-American women and one of the strongest superfan brands across all screens and services. This transaction allows Discovery and Oprah to unlock more value from our partnership; extends once more her commitment to the network, and lets us continue our strong work together to nourish OWN viewers with the content they love.”
According to Discovery president and CEO David Zaslav, “Ten years ago, Oprah and I began to imagine what a network, inspired by her vision and values, could mean to viewers across the US. In an increasingly crowded landscape, OWN has emerged as the leading destination for African-American women and one of the strongest superfan brands across all screens and services. This transaction allows Discovery and Oprah to unlock more value from our partnership; extends once more her commitment to the network, and lets us continue our strong work together to nourish OWN viewers with the content they love.”
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