WW International Extends Partnership With Oprah Winfrey Into 2025 - Quick Facts

(RTTNews) - WW International, Inc. (WW), formerly known as Weight Watchers international, and Oprah Winfrey said they have extended their partnership into 2025.

WW noted that since October 2015, Winfrey has been a board member, strategic partner, advisor and shareholder of the company.

Winfrey will continue to provide her insights on the company's strategy and initiatives, including on consumer motivation, community activation, creative strategy and the overall consumer experience, through April 2023, the company said. In addition, Winfrey will continue to serve as a key advisor to WW through May 2025.

"Oprah's unique ability to connect with people and inspire, energize and motivate them to live their best lives is unmatched. I am excited to be joining her this winter as we bring WW Presents: Oprah's 2020 Vision tour to nine cities throughout the U.S," said Mindy Grossman, President and CEO of WW.

In connection with the partnership extension, WW has granted Winfrey a fully vested option to buy about 3.3 million shares of the company, representing about 4.3 percent of its common stock on a fully diluted basis.

The option grant is subject to shareholder approval at the company's 2020 annual shareholder meeting. The shares issuable under the stock option are subject to certain transfer restrictions which terminate on various dates through May 31, 2025.

WW said that if the option grant is approved, it will record a one-time charge of about $62 million in the second quarter of 2020. However, the changes to WW's stock price could change the charge significantly.

Separately, on November 26, 2019, Winfrey established a stock trading plan in connection with her personal strategy for asset diversification, charitable giving and liquidity.

This trading plan relates to the sale of 2.9 million shares of WW that Winfrey previously acquired on her entering into a partnership with the company in 2015 as well as the exercise of certain of the options for 1.4 million shares issued to her.

WW noted that assuming all transactions covered by the trading plan were consummated and the option granted in connection with the extension of the partnership was approved today, Winfrey would own about 2.5 million shares of WW and options with respect to 4.0 million shares.