Oprah Winfrey has decided to sell the majority of her stake in the OWN Network to Discovery, Inc. In exchange, Winfrey acquired $36 million in stocks from Discovery, Inc. She will also continue to serve as the company's Chief Executive Officer and Chief Creative Officer.
News of the recent deal comes as the network nears its tenth anniversary. The OWN Network was co-founded by Winfrey and Discovery, Inc. in January 2011. During its decade-long run, the OWN Network featured hit shows like Queen Sugar, The Haves and the Have Nots, Iyanla: Fix My Life and Oprah's Master Class. As the network nears its anniversary, it will launch new shows like the Belle Collective. Most recently, the OWN Network announced that it would air episodes of WGN's Underground along with behind-the-scenes footage.
Previously, OWN Network's The Oprah Conversation, Oprah’s Book Club, Oprah Talks COVID-19 and SuperSoul Sunday were featured on Discovery's new streaming service. With the new deal, all of OWN Network's content will likely be on the platform.
Winfrey's move away from the OWN Network is her latest shift in the media industry. Last month, Hearst Magazines announced that it would be laying off 60 people from The Oprah Magazine. Meanwhile, Winfrey is venturing further into the streaming industry after locking up a multi-year deal with Apple.
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