Oprah Winfrey has acquired a 10% stake in Weight Watchers, sending the company’s stock soaring.
Winfrey will be a director of the company as well as a spokesman. She has “joined the program and will candidly share her experiences and perspective along the way,” the company said.
Oprah bought $43.2 million worth of shares at $6.79 each. They closed at $13.92, netting Winfrey a quick profit of more than $50 million. She also received options to buy an additional 5% stake.
Winfrey also runs the Oprah Winfrey Network, a joint venture with Discovery Communications.
“Weight Watchers has given me the tools to begin to make the lasting shift that I and so many of us who are struggling with weight have longed for,” said Oprah Winfrey. “I believe in the program so much I decided to invest in the company and partner in its evolution.”
Winfrey will advise the company on future products and programs, the company said.
“We are expanding our purpose from focusing on weight loss alone to more broadly helping people lead a healthier, happier life,” said Jim Chambers, President and CEO, Weight Watchers International, Inc. “Through our conversations, it became clear that there is tremendous alignment between Oprah’s intention and our mission. We believe that her remarkable ability to connect and inspire people to realize their full potential is uniquely complementary to our powerful community, extraordinary coaches and proven approach.”
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.