Discovery boosts stake in Oprah's TV group
Discovery Communications
Washington - Egypt Today
Discovery Communications said Monday it would pay $70 million to boost its stake in its joint venture, the Oprah Winfrey Network television group, which produces the celebrity's programs.
The deal gives Discovery an additional 24.5 percent stake to lift its total share to more than 70 percent.
Winfrey's holding company Harpo Inc will retain a minority stake and she will continue in her role as chief executive through 2025 under the agreement.
The announcement comes 10 years after Winfrey created the Oprah Winfrey Network (OWN) in a joint deal with Discovery, which operates channels in the US, Europe and Latin America including Animal Planet, Discovery Kids and Eurosport.
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