Oprah has sold part of her stake in OWN to Discovery.
Discovery Communications, Inc. is taking majority control of OWN, the cable network it co-owns with Oprah Winfrey.
The company said on Monday it will increase its ownership stake in Oprah Winfrey’s network to 70 percent. OWN, which launched in 2011, was previously a joint venture between Discovery and Winfrey’s Harpo, Inc.
“Ten years ago, Oprah and I began to imagine what a network, inspired by her vision and values, could mean to viewers across the U.S.,” Discovery president and CEO David Zaslav said in a statement. “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,” he said.
Discovery 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.