Tuesday, 14 July, 2020


Discovery Takes Majority Stake In OWN

Hannah Rogers | 05 December, 2017, 19:54

Discovery Communications said Monday it would pay US$70 million (RM283.4 million) to boost its stake in its joint venture, the Oprah Winfrey Network television group, which produces the celebrity's programs. But the deal, announced Monday, increases Discovery's ownership stake in the basic cable channel by 24.5% to almost 75%.

Discovery Communications Inc.is taking majority control of OWN, the cable network it co-owns with Oprah Winfrey. With the transaction, Discovery has increased its ownership stake in OWN to more than 70%.

"Ten years ago, Oprah and I began to imagine what a network, inspired by her vision and values, could mean to viewers across the United States", said Discovery president & CEO David Zaslav.

Oprah Winfrey will remain chief executive officer and will extend her exclusive commitment to the channel through to 2025.

OWN first kicked off in 2011 and has since become the No. 1 most-watched network among African-American women. She added that she was thrilled with the success of the network and excited regarding the next chapter in the partnership. The network is led by hit series including Queen Sugar andGreenleaf, the top two original series on all of television Wednesday nights for African-American viewers.

The network has recently expanded its relationships with premier storytellers and producers including Ava DuVernay, Mara Brock Akil and Salim Akil, Academy Award-winning "Moonlight" writer / producer Tarell Alvin McCraney and filmmaker Will Packer.

The Scripps deal, expected to close in early 2018, will bring together Scripps' largely female-targeted lifestyle channels such as HGTV, Travel Channel and Food Network with Discovery's TLC, ID and OWN.

In September, Discovery agreed to acquire Scripps Networks Interactive Inc. for $11.9 billion.

Once the transactions are complete, Discovery expects to be home to five of the top pay-TV networks for women, and represent 20% share of women watching primetime pay-TV in the U.S.

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