Oprah sells majority control of OWN in multi-million dollar deal

The queen of all media will stay on as network’s chief executive

(Photo by Jason Merritt/Getty Images)

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.

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Author: Sir Godfrey Gregg

Sir Godfrey Gregg is one of the Administrators and managing Director of this site

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