The company has increased its stake from its prior holding of 73%, according to a person familiar with the matter who says that the gradual increase has long been part of the plan. In return, Winfrey has received more than $35 million in Discovery shares.
Discovery last upped its ownership of OWN in late 2017, paying $70 million for another 24.5% stake from Winfrey’s Harpo.
Harpo, which has over 1.34 million shares of Discovery, also registered in an 8-K filing on Tuesday the option to sell 670,477 shares of Discovery stock. Harpo’s current stake represents less than 1% of Discovery’s Series A common stock.