NEW YORK (AFP) — NBC Universal announced plans Tuesday to buy Oxygen Media, a cable television network focused on programming aimed at women, for 925 million dollars.
NBC Universal, the media-entertainment giant that is a unit of US conglomerate General Electric, said the acquisition was part of a strategy for more rapid growth.
"In just seven short years, Oxygen has become the crown jewel of independent networks," said Jeff Zucker, president and chief executive of NBC Universal.
"It's a terrific property with a clear mission, strong brand, and desirable audience."
Oxygen was founded in 2000 by current chairman and CEO Geraldine Laybourne along with talk show host Oprah Winfrey and television producers Marcy Carsey, Tom Werner and Caryn Mandabach.
The network is available in over 74 million homes, and according to the company is "the only fully distributed entertainment cable channel launched in the last decade."
"This acquisition increases our foothold in the advertiser-coveted young, upscale, female demographic, and perfectly complements our current roster of cable channels and plays to our strength of running and operating cable networks," Zucker said
Oxygen will join NBC Universal's cable entertainment networks including USA Network, Bravo, and SCI FI. Oxygen will also provide some links with iVillage, a leading online website for women acquired in 2006 by NBC.
NBC will fund the deal by selling two independent Telemundo television stations, KWHY in Los Angeles and WKAQ in Puerto Rico.
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