Oprah’s Network Still Losing Profits After 12 Million Dollar Loan, CEO Says ‘We’re Not Quitting’

03
Nov

It seems that media mogul Oprah Winfry’s $12 million loan from OWN partner company Discovery Communications has yet to help the cable channel turn a profit.

According to the New York Post, Discovery spent an additional $12 million on its joint venture with Winfrey in the third quarter — however, the network is still losing money.

While the stats aren’t looking too good, Discovery CEO, David Zaslav remains upbeat on OWN’s prospects, saying that advertisers have renewed deals and that they are still focused on adding distribution.

Discovery, had spent big on marketing and promoting the arrival of Oprah’s “Lifeclass,” at 8 p.m. and the premiere of Rosie O’Donnell’s 7 p.m. talk show in October.

Of course, MSDTV will keep you posted. Stay Tuned.

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