Oprah Winfrey Signs $70 Million Deal with Discovery
Carol Ozemhoya | OW Contributor | 12/5/2017, 12:24 p.m.
Oprah Winfrey is a very rich woman and could retire, but that doesn’t stop her from continuing to advance her brand. Recently, she began appearing on highly regarded “60 Minutes” and today it was announced that she has signed a $70 million deal with Discovery Communications. The deal entails Discovery paying Oprah’s Harpo Inc. to acquire nearly 25 percent of OWN. Discovery will now own 70 percent of OWN; however, Oprah will remain as CEO. Her exclusive contract to produce programming and remain as a personality has been extended to 2025. “Ten years ago, Oprah and I began to imagine what a network, inspired by her vision and values, could mean to viewers across the U.S.,” said David Zaslav, president and CEO of Discovery. “In an increasingly crowded landscape, OWN has emerged as the leading destination for African-American women and one of the strongest superfan brands across all screens and services. 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.” Launched in 2011, OWN has become the No. 1 network for African-American women with the top four original scripted series on ad-supported cable, reports Deadline. “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. “I’m thrilled with the network’s success and excited about this next chapter in our partnership. Together, we’ll continue to inspire our viewers with real-life stories that are emotional and entertaining, connecting them to each other and to their greatest potential.”