NBC To Buy Oxygen Media

NBC Universal said Tuesday it is buying Oxygen Media, a cable television network designed to appeal to women, for about $925 million.

"This acquisition increases our foothold in the advertiser-coveted young, upscale, female demographic," NBC Universal President and Chief Executive Jeff Zucker said in a statement.

Oxygen was founded in 2000 by current Chairman and CEO Geraldine Laybourne, Oprah Winfrey and television producers Marcy Carsey, Tom Werner and Caryn Mandabach.

The network broadcasts syndicated sitcoms such as "Mad About You" and "Roseanne," as well as several reality shows and movies geared to women.

It's available in about 74 million homes and drew a record number of viewers in its most recent quarter, NBC Universal said.

Oxygen will be folded into NBC Universal's entertainment cable division, which includes USA Network, Bravo, SciFi, CNBC and MSNBC.

Excluding financial assets, the deal is worth about $875 million, NBC Universal said.

It plans to fund the transaction through the sale of noncore assets, including two independent Telemundo television stations: KWHY in Los Angeles and WKAQ in Puerto Rico.

NBC Universal expects the acquisition to add to earnings after the first full year and produce savings of about $35 million next year.

The acquisition is expected to close in November, subject to customary regulatory approvals.

NBC Universal is 80 percent owned by General Electric Co.