Oprah Winfrey recently paid 43.2 million dollars for a 10 percent stake in Weight Watchers.
On Monday, in a filing with the Securities and Exchange Commission, Weight Watchers International Inc said that as part of their agreement with Winfrey, the company is allowed to use Winfrey’s name, likeness, and image for the promotion of the company, but after her approval.
With Winfrey’s announcement, the company’s stock which has been in a slump soared by 85 percent making it $12.55 a share as of 11:20 am ET.
Along with Winfrey buying 10 percent in shares, she will also be joining their board. Adding Winfrey to the board will increase the size of the company’s board from nine to ten people.
Winfrey’s buy in came just weeks after her best friend Gayle King shared her recent success on her weight loss journey with Weight Watchers.