Discovery CEO David Zaslav says OWN won’t break even until second half of 2013

Story by The Washington Post

Written by Lisa De Moraes

Oprah Winfrey, Chairman, CEO, and Chief Creative Officer of OWN (Photo: Reuters)

OWN network won’t break even until the second half of 2013, Discovery Communications President and Chief Executive Officer David Zaslav said Tuesday.

Discovery reported a nearly 30 percent decline in first-quarter earnings — hurt by the struggles of the OWN co-venture between Discovery and Oprah Winfrey's Harpo company.

“We have a long way to go,” Zaslav told analysts Tuesday regarding OWN, in a phone call to discuss first-quarter numbers, according to news coverage from multiple outlets.

“We remain confident in the growth potential of this network,” he added, urging investors to tune out the “noise” about OWN’s financial losses. “Despite what you read, we’re making real progress,” he said, noting OWN has taken steps to improve its financial situation.

OWN recently let 30 staffers go and whacked its pricey, low-rated Rosie O'Donnell show.