Discovery Communications is pumping even more money into the Oprah Winfrey Network.
Discovery announced Friday that it’s giving OWN another $50 million, which is primarily for content development. According to The Hollywood Reporter, the multimedia company expects to break even on investment in the network by the end of the year.
Discovery President and CEO David Zaslav said the additional money is expected to help spur OWN’s earning power with stronger programming. He said the company is "confident that [it] can generate sustained momentum in ratings and [reach operating income before depreciation and amortization] break even in 2011" because he thinks OWN will prove to be "a very big business."
The $50 million will be money well spent as David said OWN will debut 24 new series in 2011. David expects the ratings will jump when Oprah brings her own show to the network after "The Oprah Winfrey Show" ends. There are also plans to debut a new show for Rosie O’Donnell this fall.
— Sonya Eskridge