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Oprah's OWN Network Losing Close To $330 Million

Oprah's OWN Network Losing Close To $330 Million

Oprah's OWN network has posted $330 million in losses and faces imminent demise, according to rumors floating around by industry insiders.

The troubled cable channel has struggled to reel in viewers, notching an average of 308,000 daily.

Discovery, which partnered with Winfrey 50/50 to launch the network and has been underwriting its costs, has invested nearly $600 million in it since 2008, according to an extensive report in Businessweek magazine.

The Wall Street Journal has dubbed the network the most "successful failure in television today."

CEO of Discovery Communications, David Zaslav, who urged Oprah to do the network, is notoriously impatient with money making schemes said an insider to Businessweek:

"I really can't see Zaslav losing this kind of money for much longer."

by RTT Staff Writer

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