Discovery Communications has increased its stake in Oprah Winfrey's Oprah Winfrey Network (OWN) by buying majority control and extending her deal to remain as CEO of OWN through at least 2025.
The new deal means that Oprah Winfrey is losing control in her own TV channel but it comes at a hefty price tag of $70 million paid by Discovery Communications to Harpo Inc., that is upping its stake from its 50/50 joint venture started in 2008 by adding another 24.5%.
Discovery will now own more than 70% of OWN.
While OWN isn't available as a separate TV channel in South Africa, OWN programming is played out in programming blocks on Discovery Networks International's TLC Entertainment (DStv 135) carried on MultiChoice's DStv satellite pay-TV platform in South Africa and across Africa.
"Ten years ago, Oprah and I began to imagine what a network, inspired by her vision and values, could mean to viewers across the United States," says David Zaslav, Discovery CEO and president in a statement announcing Discovery's majority interest stake in OWN.
"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."
Oprah Winfrey says "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".
"I'm thrilled with the network's success and excited about this next chapter in our partnership."
"Together, we'll continue to inspire our viewers with real-life stories that are emotional and entertaining, connecting them to each other and to their greatest potential."
Erik Logan, OWN president says "I'm excited for OWN to be part of Discovery in a deeper, more meaningful way and for the opportunity this unlocks for our future".
"Our network has achieved what most people thought was impossible and as we look toward the future, now more than ever, we are poised for continued success."
