Comcast, OWN Cut Distribution Deal: Report
PHILADELPHIA ( TheStreet) -- Comcast (CMCSA) has reached a distribution deal with the Oprah Winfrey Network that will increase the number of homes that can view the network's programs, according to a published media report.
Under the agreement, 17 million Comcast subscribers will have access to OWN, up from about 14 million right now, The Wall Street Journal reported, citing people familiar with the situation.
As of Dec. 31, Philadelphia-based Comcast had 22.3 million video subscribers, the Journal noted.
In addition, Comcast agreed to begin paying subscriber fees to OWN at the beginning of 2013, the newspaper said, citing the anonymous sources.> > Bull or Bear? Vote in Our Poll Those payments spell good news for OWN, which is jointly owned by talk-show host and actress Oprah Winfrey and Discovery Communications (DISCA). The network has seen management upheaval and cost overruns, and is looking to boost subscription fees, the Journal noted. Shares of Comcast finished Friday's session up 18 cents, or 0.6%, at $30.01. Shares of Discovery Communications ended the session up $1.19, or 2.4%, at $50.60.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts