March 17, 2014 03:55:52 GMT
The CEO and COO of OWN is set to sell her Harpo Studios to Sterling Bay for around $32 million.
Oprah Winfrey is selling her Harpo Studios. The former daytime talk show queen has locked developer Sterling Bay as a buyer for the site in Chicago, Illinois, where she used to film "The Oprah Winfrey Show", after putting the complex up for sale months ago.
According to reports, Winfrey's Harpo Inc. has agreed to sell the four-building campus to the Chicago developer for around $32 million after a bidding war that involved investors from as far away as China.
"We have entered into a purchasing agreement with Sterling Bay for the four-building Harpo Studios Campus in Chicago's West Loop," a Harpo spokesperson says in a statement to confirm the news. "The property will be leased back to Harpo for two years and the studio will continue to produce programming for OWN."
As part of the pact which will take effect within 30 days, Winfrey's media company will still be running on the site for two more years. Harpo Studios currently employs over 200 people in Chicago.
Winfrey moved her daytime television show to Harpo Studios in 1990, but ended the talk show in May 2011. She's currently the owner of Oprah Winfrey Network (OWN) which she launched in January 2011.