Oprah invests in Weight Watchers, makes $60M in a day
It is well known by now that everything Oprah Winfrey touches instantly turns to gold. Except OWN. That took some time.
Well, the billionaire media mogul is at it again. Winfrey acquired 10 percent stake in Weight Watchers International, which sent its stock soaring on Monday. Investors sent the stock up more than 105 percent at the close of trading, and Winfrey made $60 million in one day from the deal.
Winfrey also is joining the WW board after experiencing positive results as a consumer.
“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,” Winfrey said in a statement. “I believe in the program so much I decided to invest in the company and partner in its evolution.”
As dieters are increasingly turning to online programs, Weight Watchers’ stock had lost 72 percent of its value this year before the announcement.
“Through our conversations, it became clear that there is tremendous alignment between Oprah’s intention and our mission,” Weight Watchers CEO Jim Chambers said in a statement. “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.”
I mean, hey, if Oprah can make Dr. Oz famous, this success should come as no surprise.