NBC Universal today announced the acquisition of the Oxygen Channel, a cable television network that focuses on women viewers and is led by the longtime cable executive Geraldine Laybourne, the New York Times reports.

NBC said it would pay $925 million for the channel, which may be seen as a bargain. In recent months analysts estimated the channel’s value at $1 billion to $1.5 billion.

Oxygen began in February 2000 with enormous publicity and a group of high-profile backers, chief among them Oprah Winfrey, aiming to be a serious contender for ratings with the Lifetime network, the leading cable channel specializing in reaching women.

But Oxygen started at a time when it was becoming increasingly difficult for cable channels to achieve the levels of distribution necessary to find a truly national audience for programs. Oxygen has never created a show that was considered a hit on cable, though NBC executives pointed to recent growth for the channel’s programming.

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