Oprah's OWN network loses near $330 million
The Huffington Post reported that Oprah Winfrey’s OWN network may have lost nearly $330 million in the media mogul’s struggle to build the fledgling brand. “If I were writing a book about it, I might call the book 101 Mistakes,” Oprah told CBS News in April. The loss is a latest revelation in OWN’s ongoing saga of cancelled shows, staff layoffs and low ratings.
An analyst told the magazine that it was the most “successful failure in television today.”
However, there may be some bright news on the horizon. The Wall Street Journal reported on Monday that ratings for the network have ticked up recently. Part of that is due to “Oprah’s Next Chapter,” the new show that has seen Oprah nab major exclusives, like her sit-down with Whitney Houston’s family. (The success of that show bolsters critics who said that Oprah’s relative absence from OWN during its first year was a major error.)
Moreover, the network will get millions of dollars in new revenues from cable operators.
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