It is pronounced as if it were spelled „oö“. It is a diphthong. The first, longer part of the diphthong is an open „o“ sound, like the « o » in French « sol » and the "aw" in American English "law." In IPA, it is [ɔ]. The second, shorter part of the diphthong is the same vowel sound as in „schön“; in IPA, it is [ø̞]. Together, it would be [ɔø̞̯].