Oprah Winfrey has once again cashed out some of her ownership of the OWN cable network—this time selling 20.5% to the network’s majority owner, Discovery DISCA +2%, in exchange for 1.34 million shares of Discovery stock, worth about $36.5 million on Tuesday. Winfrey will remain the CEO and chief creative officer of her namesake network. Representatives from OWN and Discovery confirmed the deal.
The deal values the Oprah Winfrey Network, the channel she founded just before ending her lucrative talk show in 2011, at around $180 million—about 37% lower than the $285 million Forbes estimated it to be worth in 2017 after Discovery shelled out $70 million for a 24.5% stake.
Winfrey has registered 670,477 of the 1.34 million shares for sale, according to a filing with the Securities and Exchange Commission. Forbes estimates that Winfrey is worth $2.6 billion.
Read the full profile on Forbes: https://www.forbes.com/sites/maddieberg/2020/12/22/oprah-winfrey-just-sold-most-of-her-stake-in-her-own-cable-network/?sh=e97cea925468
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