Oprah Winfrey is selling a majority interest in her network OWN to Discovery Communications for $70 million, the Los Angeles Times reports.
OWN had been a 50-50 joint venture between Winfrey and Discovery until the deal, which was announced Monday. The cable giant is acquiring an additional 24.5 percent.
Winfrey will continue to serve as chief executive of OWN, which launched in 2011, through 2025. This is the first time Oprah has sold stock in OWN since its founding.
“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, according to the LA Times. “I’m thrilled with the network’s success and excited about this next chapter in our partnership.”
Discovery Chief Executive David Zaslav also released a statement on the purchase.
“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,” he said.
OWN is home to popular shows like “Greenleaf,” Ava DuVernay’s “Queen Sugar” and Tyler Perry’s “The Haves And The Have Nots.” Despite some ratings issues early on, OWN has become one of the leading networks for black viewers.