Discovery buys majority stake in OWN from Oprah Winfrey

Discovery buys majority stake in OWN from Oprah Winfrey

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Discovery Communications has increased it’s ownership stake in OWN: Oprah Winfrey Network, becoming the majority owner.

The company announced the news on Monday that they now have 70 percent ownership in Winfrey’s network.

OWN was launched in 2011 and was a venture between Oprah’s Harpo Inc and Discovery.

Discovery is reported to have paid $70-million for its additional 24.5 percent stake in the network. The queen of talk will still be the CEO of OWN.

Discovery president and CEO David Zaslav in a statement said:  “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.”

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