Discovery Communications is paying $70 million to take a majority interest in OWN: Oprah Winfrey Network.
Until now, OWN had been a 50-50 joint venture between the television star and the cable programming giant. The deal, announced Monday, increases Discovery’s ownership stake in the basic cable channel by an additional 24.5% to nearly 75%.
The transaction marks the first time that Winfrey has taken money out of the venture. The channel launched in 2011.
Winfrey, however, will continue to serve as chief executive of the network. As part of the deal, she will work exclusively for OWN in the basic cable space through 2025.
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Discovery Buys Majority Stake in OWN From Oprah Winfrey was originally published on praisecleveland.com