Discovery raises stake in Oprah Winfrey Network

Entertainment


(Reuters) – Discovery Communications Inc said on Monday it had raised its stake in its joint venture with TV mogul Oprah Winfrey to more than 70 percent.

FILE PHOTO: Oprah Winfrey smiles at the premiere of “The Immortal Life of Henrietta Lacks” in New York, U.S. April 18, 2017. REUTERS/Shannon Stapleton

Discovery paid $70 million to acquire an additional 24.5 percent stake in the Oprah Winfrey Network from Harpo Inc, founded by Winfrey.

Winfrey, who will retain a minority interest and continue in her role as chief executive of OWN, has extended her commitment to the network through 2025, Discovery said.

OWN, launched in 2011 as a joint venture between Discovery and Harpo, focuses on African-American viewers, mostly women, and includes hit series such as “Queen Sugar” and “Greenleaf”.

Discovery was advised by Allen & Co LLC and Grubman Shire Meiselas & Sacks, while Harpo was advised by Moelis & Co LLC and Loeb & Loeb LLP.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel

Our Standards:The Thomson Reuters Trust Principles.



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