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Discovery raises stake in Oprah Winfrey Network

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Discovery raises stake in Oprah Winfrey Network

Discovery raises stake in Oprah Winfrey Network
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(Reuters) - Discovery Communications Inc <DISCA.O> said on Monday it had raised its stake in its joint venture with TV mogul Oprah Winfrey to more than 70 percent. Discovery paid $70 million (£52 million) to acquire an additional 24.5 percent stake in the Oprah Winfrey Network from Harpo Inc, founded by Winfrey. Winfrey, who will retain a minority interest and continue in her role as chief executive of OWN, has extended her commitment to the network through 2025, Discovery said. OWN, launched in 2011 as a joint venture between Discovery and Harpo, focuses on African-American viewers, mostly women, and includes hit series such as "Queen Sugar" and "Greenleaf". Discovery was advised by Allen & Co LLC and Grubman Shire Meiselas & Sacks, while Harpo was advised by Moelis & Co LLC and Loeb & Loeb LLP. (Reporting by Laharee Chatterjee in Bengaluru; Editing by Maju Samuel)
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