Loeb & Loeb LLP advised Oprah Winfrey and her company Harpo, Inc. in connection with the sale of a 24.5% stake in the OWN: Oprah Winfrey Network joint venture to Discovery Communications. The $70 million transaction increases Discovery’s ownership stake in OWN to more than 70%. Harpo will retain a significant minority interest in OWN and Ms. Winfrey will continue in her role as CEO, with her exclusivity commitment to the network extended through 2025.
“Creating OWN and seeing it flourish, supported by Discovery and a rapidly growing group of the finest storytellers in film and television, is one of my proudest achievements,” said Ms. Winfrey. “I’m thrilled with the network’s success and excited about this next chapter in our partnership. Together, we’ll continue to inspire our viewers with real-life stories that are emotional and entertaining, connecting them to each other and to their greatest potential.”
Launched in 2011, OWN has become the #1 network for African-American women with the top four original scripted series on ad-supported cable. The venture also includes the award-winning digital platform Oprah.com.
The Loeb & Loeb team advising Ms. Winfrey and Harpo on this high-profile matter was led by entertainment partner Marc Chamlin and corporate partner Lloyd L. Rothenberg and included attorneys Alan J. Tarr and Megan A. Stombock.