Discovery Increases Stake in Oprah Winfrey Network

Discovery Communications Inc said on Monday it has taken an additional stake in its joint venture with TV mogul Oprah Winfrey, increasing its stake to more than 70 percent.

Discovery paid $70 million to acquire an additional 24.5 percent stake in the Oprah Winfrey Network from Harpo Inc, founded by Winfrey.

Winfrey, who will retain a minority interest and continue in her role as chief executive of OWN, has extended her commitment to the network through 2025, Discovery said.

OWN, launched in 2011 as a joint venture between Discovery and Harpo, focuses on African-American viewers, mostly women, and includes hit series such as “Queen Sugar” and “Greenleaf”.

Discovery was advised by Allen & Co LLC and Grubman Shire Meiselas & Sacks, while Harpo was advised by Moelis & Co LLC and Loeb & Loeb LLP.