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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.

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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.

This article was written by a staff member of TheStreet.

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