Oprah Winfrey paid $43.2 million to get a 10 percent stake in Weight Watchers, the Associated Press reports. That comes out to 6.4 million shares of the popular weight-loss program. The purchase also secured her spot on the organization’s board of directors.
Weight Watchers now has the right to use Winfrey’s “name, image, likeness and endorsement” for the company, AP explained, all subject to Winfrey’s approval. The endorsement agreement lasts five years.
Winfrey’s stamp of approval matters. AP reports that Weight Watchers’ shares climbed nearly 37 percent in premarket trading after the Oprah partnership was announced.
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