Oprah Winfrey Sells Majority Of Her OWN Stake To Discovery Inc!.

YourBlackWorld,net, By Victor Omondi, Posted February 3rd 2021

Oprah Winfrey has sold majority of her stake to Discovery Inc., according to a Bloomberg report. In the sale in which Winfrey dispensed of half of her 1.34 million shares, she’ll receive $36 million. The sale significantly reduces her grip on OWN in which she serves as the CEO. Despite her stake dropping to 5%, she’s expected to continue serving at the network as the head.

Winfrey came into a partnership with Discovery back in 2008 before they launched OWN three years later. In the new deal, Discovery could purchase Winfrey’s stake beginning 2016. In 2017, Winfrey sold 25% of her stake to Discovery Inc. for $70 million.

Following the sale, OWN programs will become part of Discovery+, the company’s streaming service expected to be launched next month. Tyler Perry’s Ava DuVernay’s Cherish the Day and The Haves and the Have Nots are some of the programs expected to join the Discovery+.

The Color Purple film turned 35 years on December 18. It’s in the Spielberg-directed film that Winfrey started her acting career, and it’s through the very film that she got her first Oscar nomination. The Color Purple, based on Alice Walker’s book, also starred notable names like Whoopi Goldberg and Danny Glover.

Reminiscing about the occasion, Winfrey tweeted, ““35 years ago today, #TheColorPurple premiered. I’ve never wanted anything in my life more than I wanted to be in that movie. When I read the book the first time, I bought copies to hand them out to people. I told everyone I wanted to be in the movie. It was that deep.

“One faithful morning @quincyjones saw me on AM Chicago, said I should audition, and the rest is movie history. So here’s to the powerful messages I still carry from that movie. And for all the moviegoers who still recite this scene to me until this day.”

During its initial release in 1985, The Color Purple grossed over $142 million and was in the theaters for more than 5 weeks.

Over the years, Winfrey has built a name and earned the billionaire status. She remains a figure to reckon with in the media industry.