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Oprah sells some of OWN

Photo by Jason LaVeris/FilmMagic/Getty

Discovery Communications said that it has agreed to pay $70 million for an additional 24.5% stake in OWN, its cable channel joint venture with Oprah Winfrey. This gives Discovery a majority ownership north of 70%, with Winfrey's Harpo Inc. retaining the rest.

Why it matters: It's the first time Oprah has taken any cash out of OWN, which she and Discovery first announced back in 2006. As part of the transaction, she extended her exclusivity agreement with the network through 2025.