Hmm, is the Discovery deal with OWN weighted too heavily in Oprah Winfrey's favor? That's what David Lieberman's analysis of Discovery's annual report seems to suggest.
Consider these facts:"Discovery has already contributed $312M to the venture, far more than its original $189M commitment," writes Lieberman. "And although Discovery owns 50% of OWN, it can’t ensure that it gets repaid because Winfrey 'holds operational rights related to programming and marketing, as well as selection and retention of key management personnel.'"
Also, "beginning in 2016, Oprah can require Discovery to 'purchase all or part of (her) interest in OWN.'”