New York - NBC Universal announced on Tuesday that it will acquire women's entertainment network Oxygen Media for $925 million.

The company said it will fund the purchase through the sale of its two independent Telemundo TV stations.

Oxygen was launched in 2000 by chairman and CEO Geraldine Laybourne, along with Oprah Winfrey and TV producers Marcy Carsey, Tom Werner and Caryn Mandabach.

The network is now available in more than 74 million homes.

"This deal with NBCU is the best way for Oxygen to grow," said Laybourne.

"In seven years, we built a spectacular brand for women. Now together with NBCU, Oxygen can become an even bigger brand."

NBC Universal said that Oxygen will complement its Bravo cable network, "Today" show and iVillage assets; the company also owns cable networks including USA Network, Sci Fi, CNBC and MSNBC.

NBC Universal said its cable networks account for 50% of the company's profits, and are experiencing double-digit, year-over-year growth.

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