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NBCU Closes $875 Million Acquisition of Oxygen Media; Net Will Report To Zalaznick

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Oxygen Media is now a part of NBC Universal (NYSE: GE) with today’s close of the $875 million (net of cash) acquisition. The network will be part of Jeff Gaspin’s NBC Universal Cable group and will be overseen by Lauren Zalaznick, who will continue as president of Bravo Media. Lisa Gersh stays as Oxygen Media president and COO for a transitional three months, then will move to a new position at NBCU. Founder Geraldine Laybourne will exit as planned. She launched Oxygen in 2000 with Oprah Winfrey and TV producers Marcy Carsey, Tom Werner and Caryn Mandabach; Paul Allen was among the investors. Release.