Times Staff and Wire Reports

Oprah Winfrey Renews Contract: King World Productions Inc. said the talk show host signed on for at least two more years, ending concern her departure would severely hurt King World's future. The stock rallied after the announcement, closing down 87.5 cents at $36 on the New York Stock Exchange after trading as low as $32.75. Winfrey cited loyal viewers and "other opportunities recently presented to me" for her decision. Winfrey will own options to buy 2 million shares of King World common stock and will receive another 250,000 options for each year she continues on the air.

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