Tuesday, January 15, 2008

Discovery and Oprah Form New Joint Venture Called OWN

In a curious deal, Oprah Winfrey and Discovery Communications have formed a new 50:50 joint venture called “OWN: The Oprah Winfrey Network.” The new multiplatform media venture, the first time Oprah’s company has developed a full TV network, will be “designed to entertain, inform and inspire people to live their best lives”, the companies said. OWN will debut in 2009 in more than 70 million homes, on what is currently the Discovery Health Channel. The venture will also include Oprah.com. Winfrey will serve as Chairman of OWN and the venture will be 50:50 owned by Discovery and Harpo, Oprah’s company. This is a cashless transaction and OWN will be an independent company. Discovery will contribute to the venture the Discovery Health Channel as well as handle distribution and other operations. Both organizations will contribute ad sales services to the venture. The search for a CEO for the new venture is going on.
http://www.paidcontent.org/entry/419-discovery-and-oprah-form-new-jv-called-own-focus-on-multi-platform/

http://finance.paidcontent.org/paidcontent?GUID=4330353&Page=MediaViewer&Ticker=DISCA

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