View random article

Discovery Agrees to Raise Funds on Oprah’s Network

Discovery Communications has agreed to almost double the funding commitment to its cable network venture with US television talk show host and celebrity Oprah Winfrey.


In the agreement, Winfrey has agreed to increase her on-air commitment to The Oprah Winfrey Network, which is a Los Angeles-based venture. It is expected to be launched on or before January 1, 2011.


Discovery said it would raise the funding through a revolving loan or third-party funding to $189 million from $100 million. Discovery already owns a 50 percent stake in the network.


Winfrey's increased on-air commitment includes her hosting or starring in a show to air on the network. The show will be known as OWN.


Earlier this year, Winfrey's network said she would host a new show from around the world called "Oprah's Next Chapter." The network said the show would be broadcasted on OWN.


Winfrey announced last November on world-renowned talk show, "The Oprah Winfrey Show,” that she would end her daytime show.


“The Oprah Winfrey Show” broadcasts from Chicago on ABC stations across the US and in more than 140 countries. The top-rated daytime show became one of TV industry's biggest money-makers and helped 56-year-old Winfrey build a fortune of an estimated $2.3 billion (according to Forbes Magazine).


 

Featured in Entertainment