Oprah Winfrey network gets Discovery boost
OWN, launched in 2011 as a joint venture between Discovery and Harpo, focuses on African-American viewers, mostly women
Discovery Communications Inc said on Monday it had raised its stake in its joint venture with TV mogul Oprah Winfrey to more than 70 per cent.
Discovery paid $70 million (Dh257.05 million) to acquire an additional 24.5 per cent stake in the Oprah Winfrey Network from Harpo Inc, founded by Winfrey.
Winfrey, who will retain a minority interest and continue in her role as chief executive of OWN, has extended her commitment to the network through 2025, Discovery said.
OWN, launched in 2011 as a joint venture between Discovery and Harpo, focuses on African-American viewers, mostly women, and includes hit series such as Queen Sugar and Greenleaf.
Discovery was advised by Allen & Co LLC and Grubman Shire Meiselas & Sacks, while Harpo was advised by Moelis & Co LLC and Loeb & Loeb LLP.
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