Oprah Winfrey to Launch Cable Network

In addition to providing her talent, and personal commitment, Winfrey will have full editorial control over the joint venture and will be responsible for OWN's programming, branding and creative vision.

Oprah will serve as Chairman of The Oprah Winfrey Network, LLC and the venture will be 50/50 owned by Discovery and Harpo. This is a cashless transaction and The Oprah Winfrey Network, LLC will be an independent company.

"Fifteen years ago, I wrote in my journal that one day I would create a television network, as I always felt my show was just the beginning of what the future could hold," said Oprah Winfrey. "For me, the launch of 'The Oprah Winfrey Network' is the evolution of the work I've been doing on television all these years and a natural extension of my show."

OWN's mission is to create multiple platforms for women, men and their families with a purpose and a passion: to celebrate life, to inspire and entertain, empowering viewers around the world to live their best lives, and by doing so, lift the lives of those around them in ever-widening circles.

Discovery Communications will contribute to the venture the Discovery Health Channel as well as handle distribution, origination and other operational requirements for the proposed venture. Both organizations will contribute advertising sales services to the venture.

The search for OWN's Chief Executive Officer to oversee day-to-day venture operations will begin immediately.