Oprah Winfrey Network, the joint venture between Discovery Communications and Oprah Winfrey’s Harpo Inc. is going to get an additional amount of $89 million from Discovery. With this Discovery will increase its investment in the JV.
Discovery’s new investment will be in the form of a revolving loan from Discovery and/or debt financing from a third party lender to OWN.
The amendment allows the joint venture to be granted the right to pursue the distribution of OWN in the United Kingdom and Canada. The parties also agreed to launch OWN on or before 1 January next year.
As per the agreement, Oprah Winfrey will devote more time to this joint venture and would make her presence in more shows.