The queen of talk inked a deal… Details inside!
Oprah Winfrey is turning over control of her 6-year-old cable network, OWN — for a whopping $70 million.
The talk show queen is selling a nearly 25 percent stake to David Zaslav’s Discovery Communications — which had been an equal partner with Winfrey since the woman-focused OWN: Oprah Winfrey Network formed in 2008 — both companies said Monday.
After the sale of the 24.5 percent stake, Discovery will own 74.5 percent of OWN and be able to report the cable network’s results on its balance sheet.
Before Monday’s deal, OWN had been a joint venture between Winfrey and Discovery.
“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.
The deal marks the first time that the cable giant has made a cash payment to Harpo Inc., Winfrey’s company, since the partners inked the joint venture 10 years ago.
Winfrey’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.
Currently, Winfrey is a special correspondent for “60 Minutes” on CBS.
Shares of Discovery closed at $20.85, up 7.1 percent, on Monday.
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