*Attorney Antonio Moore talks with Political Commentator Yvette Carnell about Oprah Winfrey selling her network back to Discovery Channel. The two delve into what the sale says about the state of race, and wealth in America.
Winfrey largely for a generation stood as the beacon for black wealth, and for a long while sat as the only African American billionaire. Is there more to this sale than what is being released? 70 Million seems like quite a deal with Discovery stating this according to Deadline.com
Discovery was quick to point out that the $70 million price tag on a 24.5% stake should not automatically peg OWN’s valuation at $280 million as it was agreed upon “after taking into account net debt at the network.”
If it’s worth much more than 280 million why would Oprah sell to you for at that valuation?
Oprah Winfrey is giving up control of her 6-year-old cable network — for $70 million.
The former talk show queen is selling a nearly 25 percent stake to David Zaslav’s Discovery Communications — which had been a 50/50 partner with Winfrey since the woman-focused OWN: Oprah Winfrey Network formed in 2008 — both companies said Monday.
It first went on the air in 2011.
After the sale of the 24.5 percent stake, Discovery will own 74.5 percent of OWN and be able to report the cable network’s results on its balance sheet.
Before Monday’s deal, OWN had been a joint venture between Winfrey and Discovery.
“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,” Winfrey said in a statement.
The deal marks the first time that the cable giant has made a cash payment to Harpo Inc., Winfrey’s company, since the partners inked the joint venture 10 years ago.
Winfrey’s Harpo Inc. will retain a “significant minority interest” in OWN, and Winfrey will continue as chief executive — and, equally as important, will work exclusively for OWN in the basic cable space through 2025.