Oprah has sold majority control of her OWN TV network to Discovery Communications. The deal between the to companies was struck for $70 million and will increase Discovery’s interest in the company to nearly 75 percent.
“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,” Discovery Chief Executive David Zaslav said in a statement.
Before making this deal, the two companies had a 50-50 business relationship. This marks the first time Orpah has taken money out of the partnership. Oprah will continue to serve as the chief executive of OWN and will also work exclusively for OWN through 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,” Oprah said in the joint statement. “I’m thrilled with the network’s success and excited about this next chapter in our partnership.”
OWN is now the top rated network for African American women, overcoming low rating and a struggle to find its voice when the network launched. Increasingly popular series, like “Greenleaf” and “Queen Sugar,” have boosted ratings for OWN. At the same time, working with talented partners, such as producer Tyler Perry and director Ava DuVernay, have helped the network attract more viewers.