Media mogul Oprah Winfrey on Tuesday, sold most of her Oprah Winfrey Network (OWN) shares to Discovery Inc. for more than $36 million in stock.
Bloomberg reports that while the deal sees Discovery scoop a 95% stake in OWN, Winfrey will maintain her CEO and chief creative officer positions.
OWN’s content, notably geared toward African American women has since thrilled audiences with shows such as “Queen Sugar,” “David Makes Man,” “The Haves and the Have Nots,” “Iyanla: Fix My Life,” and “Ready to Love.”
According to Bloomberg, Winfrey had an agreement with Discovery where she could require the company to purchase part of her interest beginning in 2016. In 2017 Discovery purchased a 25% stake from Winfrey for $70 million.
Discovery Plus launches next month, and the content of OWN is expected to be part of the new streaming service.