“I didn’t think it was going to be easy. If I knew then what I know now, I might have made some different choices,” Oprah Winfrey told the anchors of “CBS Morning” last month. If the news that Bloomberg Businessweek is reporting is true Oprah has a really difficult time.
Bloomberg Businessweek is reporting Oprah’s OWN network has allegedly lost as much as $330 million dollars.
Businessweek’s Edmund Lee and Andy Fixmer unravel the reports: > While the public spotlight has focused on the travails of the onetime queen of daytime talk, the uphill climb has been no less torturous for David Zaslav, chief executive officer of Discovery Communications (DISCA), Winfrey’s partner and half-owner of OWN. Winfrey’s gold-plated brand has been tarnished by the network’s slow start, but Zaslav’s bank accounts may have suffered even more. Discovery, owner of cable’s TLC and Animal Planet networks, put up the cash for Winfrey’s network, and so far it hasn’t been a winning investment. From its 2008 inception through Dec. 31, OWN may have lost as much as $330 million, based on Discovery’s annual 10-K filing with the Securities and Exchange Commission. Even if OWN makes money in 2013, as predicted by a person with knowledge of the operation who was not authorized to speak publicly, it has saddled Discovery with such high costs that analysts say the company may eventually be forced to write off some of its current $420 million investment.
Of course, Oprah has figured out how to turn this experience in to a teachable moment.
“Because you failed at something - which we haven’t - but because you failed doesn’t mean you’re a failure,” Oprah said on CBS this morning last month.