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Oprah Winfrey continues to show that she is indeed where the money resides! This time around she’s sold some of her ownership of the OWN cable network — 20.5 percent to the network’s majority owner, Discovery. Forbes reports Winfrey has sold that percentage of her share in the network in exchange for 1.34 million shares of Discovery stock — that’s $36.5 million. The transaction was made Tuesday and Winfrey will remain the chief creative officer and CEO of her namesake network, according to representatives from both OWN and Discovery. Founded by the mogul just as she ended her successful talk show in 2011, Oprah Winfrey Network is now said to have a valuation of around $180 million. This is about 37 percent lower than the $285 million Forbes estimated it would be worth in 2017 after Discovery dished out $70 million for a 24.5 percent stake. Today, Forbes estimates Winfrey’s net worth to be around $2.6 billion, and per a filing with the Securities and Exchange Commission, she has...
Philo just announced its most recent initiative involving $1 million in ad impressions for over 20 social justice organizations and Black-owned businesses, according to Business Wire . The lifestyle and entertainment streaming TV service will donate $1 million worth of ad impressions in the calendar year of 2020 to support various social justice organizations and Black-owned businesses. For Philo, diversity, inclusion, and equity are critical pillars of the company and due to recent events in society surrounding systemic racism and racial injustice, the streaming service will use its platform to showcase businesses and organizations that uplift the Black community. “In light of the recent events, we decided to use our platform as a place for good,” said Reed Barker, Philo’s head of advertising. “We opened up our ad inventory space to provide space for discussions about systemic injustice, raise awareness for social good organizations, and provide Black business owners with an...