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NBC Buying Oxygen

NBC Universal has agreed to buy Oxygen Media, a cable television network aimed at women, for approximately $925 million. The deal is expected to close next month Oxygen was founded in 2000 by such people as Oprah Winfrey, and raised over $320 million from AOL/Time Warner, L Capital Management and Vulcan Capital.

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

NBC said that it would finance the deal via the sale of non-core assets, including a pair of independent Telemundo station.