I'm going to jump right into this episode. Make sure you stick around to the end. There's two very

important updates, including the very first in-person founders-only conference that's taking place in Austin, Texas. Less than 60. From now, I'll tell you more details.

Stick around to the end. I'll see you on the other side.

In 1984, Oprah was riding high.

She was already Chicago's most popular TV talk show personality,

and the local ABC affiliate that produced her show was paying her $230,000 a year.

Her agent had negotiated a four-year contract

with annual salary increases of $30,000 a year.

She was pleased at first, but then began having second thoughts.

Three separate ABC people stopped me to tell me what a great guy my agent was,

Oprah said and that didn't make sense to me. agent was them with a Chicago lawyer named Jeffrey Jacobs.

I had heard Jeff is a piranha, Oprah said.

I like that.

Pirana is good.

That key decision turned Oprah from employee to capitalists and vaulted her out of the ranks of the merely well paid into the Forbes 400.

Her show now airs on more than 200 stations in the United States and in 117 foreign countries.

Oprah earns more than $70 million a year.

It is ownership that has made her rich.

Oprah owns not only her show, but also the studio in which it is produced.

And she owns a big stake in King World Productions,

the company that distributes her show.

Oprah's previous agent had given the local ABC station the rights to

...