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Winfrey will be chairman and wield editorial control. The partners will pick a CEO to handle day-to-day operations.
She wants a partnership like the one she has with Hearst for O, The Oprah Magazine. "I am the voice of the magazine and the vision of the magazine, but I have people there who can execute that voice and vision," she said.
She gave few details about programming for OWN or how much she'll spend. Discovery CEO David Zaslav said it will be "primarily non-fiction."
OWN will differ from cable channel Oxygen, where she was a founding investor. "That channel did not reflect my voice," she said. "Shortly after the deal, I took myself off the board."
Discovery, which is going public, hasn't decided whether to consolidate the venture into its financial reports.