Friday, August 13, 2010

{alltv} Discovery commits more cash to Oprah network

 

NEW YORK (Reuters) – Discovery Communications Inc agreed to almost double the funding commitment to its cable network venture with television talk show host Oprah Winfrey, just months ahead of the network's launch.

Winfrey has agreed to increase her on-air commitment to the Los Angeles-based venture -- The Oprah Winfrey Network -- which is expected to be launched on or before Jan 1.

Discovery previously said Winfrey would appear in a primetime travel series on OWN called "Oprah's Next Chapter."

Discovery, which owns a 50 percent stake in OWN, said in a regulatory filing that it would increase its funding commitment to $189 million from $100 million. It expects to provide the funding in the form of a revolving loan from Discovery and/or debt financing from a third party.

Discovery executives told analysts earlier this month that the company's investment in the joint venture would likely increase because it was coming to air more than a year later than its original November 2009 launch date.

Winfrey previewed her increased on-air commitment at a presentation for advertisers in April.

Discovery and Winfrey have also agreed to pursue the distribution of the new network in the UK and Canada.

Winfrey announced last November on 'The Oprah Winfrey Show' -- broadcast on ABC stations across the United States and in more than 140 countries -- that she would end her daytime show.

The top-rated daytime show became one of TV industry's biggest money-makers and helped Winfrey, 56, amass a fortune estimated by Forbes magazine at $2.3 billion.

Discovery has been one of the strongest stocks in the media business this year, up 22 percent. The shares were up 5 cents to $37.41 in morning Nasdaq trade.

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