Oprah Winfrey is parting with a portion of her Oprah Winfrey Network.
The media mogul sold a majority stake to Discovery Communications for a massive $70 million. Previously, OWN and Discovery had a joint 50/50 ownership structure. With this deal, Discovery gains an additional 24.5% stake. Oprah’s Harpo, Inc. will retain a significant minority interest in the media property, and Oprah will continue in her role as CEO. Her exclusivity commitment to the network has been extended through 2025. The transaction marks the first time Oprah has taken money out of the joint venture since forming it with Discovery nearly a decade ago.