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.”