Discovery Commutations has boosted its ownership stake in its OWN: Oprah Winfrey Network joint venture to more than 70 percent.
WASHINGTON — Silver Spring, Maryland-based Discovery Commutations has boosted its ownership stake in its OWN: Oprah Winfrey Network joint venture to more than 70 percent.
Discovery said it paid $70 million to acquire an additional 24.5 percent stake in OWN from Winfrey’s production company, Harpo Inc.
Harpo Inc. retains a minority stake in OWN, and Winfrey will continue in her role as CEO through at least 2025.
“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,” Discovery CEO David Zaslav said.
In September, Discovery agreed to acquire Scripps Networks Interactive Inc. for $11.9 billion.
Discovery said once the Scripps acquisition is completed and combined with its existing female-focused networks, Discovery will be home to five of the top pay-TV networks for women.
The Scripps acquisition will give Discovery channels that include HGTV and Food Network.
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