NEW YORK — Oprah Winfrey is going on a diet again, but this time she stands to gain a lot of money from her efforts.
Weight Watchers said Monday that it signed a five-year deal with the former talk show host.
Winfrey, a co-owner of OWN: The Oprah Winfrey Network, is paying about $43.2 million for a 10 percent stake in the weight loss company. She also will take a seat on the New York-based company's board of directors, which expands from nine to 10 members with Winfrey's inclusion.
The deal is already paying off: Weight Watchers shares nearly doubled after the partnership was announced. Winfrey will use the Weight Watchers mobile app and work with a personal coach, the company said.
She has also agreed to let Weight Watchers use her name, image and likeness for its products and services. Additionally, she will make appearances on the company's behalf.
Weight Watchers hopes that Winfrey's star power will boost its brand.
The deal is part of Weight Watchers' plan to expand from being a weight loss company to "helping people lead a healthier, happier life," said Weight Watchers President and CEO Jim Chambers in a statement.