Oprah sells majority control of OWN in multi-million dollar deal
The queen of all media will stay on as network’s chief executive
Oprah Winfrey has sold the majority control of the Oprah Winfrey Network.
The sale was made to Discovery Communications for $70 million, meaning the company now has 75 percent ownership of the network. Previously, Oprah and Discovery had run the network with joint 50-50 ownership.
While this means Discovery has the majority control, Oprah will still remain on as the chief executive for the network.
“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 a statement.
It will be interesting to see what this means for OWN going forward.
