Oprah sells majority shares of OWN to Discovery

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Oprah Winfrey

Oprah Winfrey is selling part of her stake in the Oprah Winfrey Network cable channel to Discovery.

Currently, OWN is a 50-50 joint venture between Winfrey and Discovery, but Discovery announced Monday it would pay $70 million to increase its stake to 75 percent.

Winfrey will remain chief executive and will work exclusively for the channel in the basic cable space through 2025.

In a statement, Winfrey says she is excited about this "next chapter" of her partnership with Discovery.

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