The queen of daytime talk shows, Oprah Winfrey has added another $70M to her purse change in just one day.
The 61-year-old media mogul who has publicly struggled with her weight for decades, has bought a stake in Weight Watchers for a whopping 43.2 million dollars (£27.9 million).
And it took just one day to see the deal boom and pay off.
The news this past Monday caused Weight Watchers’ stock to double in a single day of trading.
The stock, which closed at $6.79 on Friday, last changed hands for $13.92 on Monday afternoon, and as a result, Winfrey made $71.6 million in paper gains the very same day!
In addition to owning a 10 percent share in stocks and being a board member, Winfrey is now also an adviser, and has joined as a member in a signed a five-year deal.
According to the weight loss company, Oprah will use the Weight Watchers mobile app and work with a personal coach and has also agreed to let Weight Watchers use her name, image and likeness for its products and services. (Watch the coins roll in boys)
Additionally, she will be making appearances on the company’s behalf. (she got time)
The Selma actress said,
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…I believe in the programme so much I decided to invest in the company and partner in its evolution.”
Weight Watchers once had other celebs, Jessica Simpson and Jennifer Hudson to promote its plan. But this new deal with Oprah is said to be a shift to focus on overall health and wellness, rather than just dropping pounds.
“We are expanding our purpose from focusing on weight loss alone to more broadly helping people lead a healthier, happier life,” said Weight Watchers president and CEO Jim Chambers.
The company who has been hurt by the popularity of fitness trackers and other health apps, is bouncing back big time with this new inked deal.
Winfrey’s $70M one-day earning is of course no where close to her net worth of $3 billion. But a busy woman doesn’t stay idle where there is more money to be made.
She has partnered with a discreet New-York-based private equity mogul named Ray Debbane, who has controlled Weight Watchers since 1999 when his investment firm bought Weight Watchers in a leveraged buyout.
Debbane’s Invus Group, which also manages money for a few wealthy European families, has made at least $3.8 billion off of Weight Watchers over the years by selling the company’s stock and assets, and collecting dividends.
And the filthy rich gets filthy richer. Gotta love ‘The American Dream.’