Oprah sells majority stake in OWN to Discovery for $70 million

Oprah Winfrey is selling a majority interest in her network OWN to Discovery Communications for $70 million, the Los Angeles Times reports.

OWN had been a 50-50 joint venture between Winfrey and Discovery until the deal, which was announced Monday. The cable giant is acquiring an additional 24.5 percent.

Winfrey will continue to serve as chief executive of OWN, which launched in 2011, through 2025. This is the first time Oprah has sold stock in OWN since its founding.

"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, according to the LA Times. "I'm thrilled with the network's success and excited about this next chapter in our partnership."

RELATED: Take a some of Oprah's favorite products on Amazon:

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Oprah's Favorite Things from Amazon
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Oprah's Favorite Things from Amazon

The Wisdom of Sundays, $16.79

"Super Soul Sunday is a weekly show I do sitting in my yard, talking with the world’s most extraordinary thought leaders. These are power: uplifting conversations now condensed to my favorite aha sound bites. All my net proceeds will go to the Oprah Winfrey Leadership Academy Foundation; all the joy, nourishment, and original thinking will go to the reader." -Oprah

BUY IT

23andMe DNA Test, $69

"We all want to be able to picture where we came from, so why not give a friend a genetic test that provides some answers? The good news: You’re probably not related to Attila the Hun. The bad news: You’re probably not part of George Clooney’s family, either." - Oprah

BUY IT

Tory Sport Women's Banner Tear Away Track Pants, $178

"Reese Witherspoon turned me on to Tory Burch’s new sport line, and I owe her one. These track pants go with everything: a sweater and boots or heels and a blazer. I’m hooked." - Oprah

BUY IT
Barefoot Dreams Pajamas, $130

"I am a student of pajamas. In fact, the reason I started Favorite Things 21 years ago was that I had a great pair to share. The only drawback with my latest loves is that they’re so soft and stretchy, you won’t want to wear anything else." - Oprah

BUY IT

Caroline’s Cakes 7-Layer Bliss, $60

"According to Gayle, Caroline’s Cakes is famous for its caramel cake, but one bite of the seven-layer coconut cake takes me right back to Sunday afternoons in Mississippi, with my grandmother in the kitchen cracking eggs and shaving fresh coconut." - Oprah

BUY IT

TOCCA Cleopatra Crema da Mano Luxe, $27.98

"Not sure what to get a nice neighbor or your kid’s social studies teacher? These hand creams are rich, quick absorbing, and deeply soothing."- Oprah

BUY IT
Seville ten-piece cookware set, $399.95

" I used to have copper pots hanging in my kitchen, but the thought of the cleanup kept me from actually using them. These are lined in easy-to-wash stainless steel—dinner party, here we come!" - Oprah

BUY IT

NYDJ Gift of Fit, $124

"File this under brilliant ideas, from my favorite denim brand: Inside the box are a measuring tape and a card with a redemption code. The giftee takes her measurements, goes online, orders the best-fitting jeans of her life, and looks a size smaller." - Oprah

BUY IT

 Eccolo World Traveler Thought A Day Notepad, $14.99

"A Great Thought a Day Notepads With 365 inspiring quotes—and space to write your own thoughts—these pads will make channeling your genius an everyday habit." - Oprah

BUY IT

Breville Panini Press, $99.95

"Breville The Perfect Press Some hosts send you off with a goody bag. For years, I’ve loved to give a panini press. It’s ideal for toasting all kinds of sandwiches—and delighting guests." - Oprah

BUY IT

Smart Nora Snoring Solution, $299

"Smart Nora Snoring Solution If you sleep with a snorer, you’re going to love the Smart Nora. It eliminates the need to elbow someone in the ribs to get him or her (him!) to stop. The battery-powered Nora senses snores and gently pumps air into a pillow insert, shifting the snorer’s head and neck to help him breathe easier (quieter!)." - Oprah

BUY IT

Lark & Ro 100% Cashmere Off The Shoulder Sweater, $128

"Butt? Sure. Stomach? Of course. Thighs? You bet. But I’ve yet to meet a woman who carries her weight in her shoulders. That’s why these off-the-shoulder sweaters flatter almost everyone." - Oprah

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Discovery Chief Executive David Zaslav also released a statement on the purchase.

"This transaction allows Discovery and Oprah to unlock more value from our partnership; extends once more her commitment to the network; and lets us continue our strong work together to nourish OWN viewers with the content they love," he said.

OWN is home to popular shows like "Greenleaf," Ava DuVernay's "Queen Sugar" and Tyler Perry's "The Haves And The Have Nots." Despite some ratings issues early on, OWN has become one of the leading networks for black viewers.

  • This article originally appeared on HuffPost.
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