Discovery To Pump More Money into OWN
Ratings Below Expectations, But New Shows On The Way
Jon Lafayette (Broadcasting & Cable) -- Multichannel News, 4/28/2011 1:27:53 PM
Discovery expects to pump more money into its joint venture OWN: The Oprah Winfrey Network.
"While we have made progress with OWN, we believe based on current business expectation we will fund in excess of our prior $50 million incremental estimate," said Singer, CFO of Discovery during the company's first-quarter earnings call Thursday morning. "The funding level will be reflective of our ratings progress in the next several quarters."
Discovery has already invested $215 million in the channel, including $57 million in the first quarter.
David Zaslav, Discovery CEO said Discovery remains committed to OWN despite a slow start, which have "been "below our expectations." But he expects ratings to build through the balance of the year, with 21 new series, including entries from Shania Twain and Rosie O'Donnell, set to premiere. Moreover, some 25 years of Oprah Winfrey shows will become avaiable.
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