Power Moves: Oprah Sells OWN for $70M

By on December 6, 2017

In an unexpected move, Media Maven Oprah Winfrey is giving up control of her 6-year-old cable network — for $70 million.

The former talk show queen is selling a nearly 25 percent stake to Discovery Communications — which had been a 50/50 partner with Winfrey since the woman-focused OWN: Oprah Winfrey Network formed in 2008.

In case you’re wondering,  Oprah’s Harpo Inc. will retain a “significant minority interest” in OWN, and Winfrey will continue as chief executive — and, equally as important, will work exclusively for OWN in the basic cable space through 2025.

“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,” Winfrey said in a statement.

 

Congrats to the iconic Oprah on yet another bold business move.

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