Oprah Winfrey’s latest move proves her power is incomparable.
CNN Money reports the mogul’s announcement to invest in Weight Watchers boosted shares by 80 percent on Monday.
The OWN founder will join forces with Weight Watchers — with Winfrey taking a seat on the company’s board — which will allow her to take on an advising role and engage in the company’s program.
Weight Watchers will focus the shift from weight loss to health and wellness, broadening the brand.
Over the years, the company has suffered greatly with the rise of free mobile health apps. Sales for Weight Watchers were down by 22 percent and barely made profits in the first half of this year. Winfrey’s 10 percent purchase resulted in her paying $7 a share, totaling $42 million for her stake.
Today, shares stand at $14. Winfrey made $70 million in one day after the announcement. She is currently worth $3.1 billion.
Winfrey tweeted her excitement about the new opportunity and released a statement.
CNN Money reports:
“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,” said Winfrey. “I believe in the program so much I decided to invest in the company and partner in its evolution.”
Known as one of the first national diet programs, Weight Watchers was started 50 years ago by Jean Nidetch who created a support group to discuss effective plans to lose weight in Queens, New York.
Some of the company’s popular spokespeople include Jessica Simpson, Jennifer Hudson, and Charles Barkley.
SOURCE: CNN Money | VIDEO CREDIT: Inform
SEE ALSO:
Obamas Sing Happy Birthday To Usher At White House! [VIDEO]
#BlackGirlMagic: Issa Rae’s New Comedy “Insecure” Gets Picked Up By HBO
Don’t Miss Our Hottest Stories! Get The NewsOne Flip App for iPhone: Flip, Skip — Or Send Us a Tip!
