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Oprah Sells to Discovery Communication Stake of own for $70 Million

Oprah Winfrey sells majority stake of own to discovery communications for $70 million

“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,” said David Zaslav, CEO of Discovery Communications, in a prepared statement. Over the years, Discovery has spent more than $200 million on the joint venture, putting in $189 million through 2010 and another $50 million in 2011.

“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,” said Winfrey, in a statement. “I’m thrilled with the network’s success and excited about this next chapter in our partnership.”

Oprah Winfrey has never taken money off of joint venture this would be the first time since the forming of discovery.

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