Under the agreement, NBC Universal will acquire Oxygen for $925 million.
The network, which is available in more than 74 million homes, has been registering significant growth in both ad sales and viewership, with the just-completed third quarter the most-watched in the history of the network.
"In just seven short years, Oxygen has become the crown jewel of independent networks. It's a terrific property with a clear mission, strong brand, and desirable audience. This acquisition increases our foothold in the advertiser-coveted young, upscale, female demographic, and perfectly complements our current roster of cable channels and plays to our strength of running and operating cable networks," Jeff Zucker, president and chief executive officer of NBC Universal, said in a statement.