Microsoft Corp. cofounder Paul Allen is close to buying a stake in cable and Internet start-up Oxygen Media.(Brief Article)

Broadcasting & Cable, June, 1999

Sources familiar with the talks said Allen's Vulcan Ventures was considering a stake of less than 10% for an undisclosed price. The Los Angeles Times reported that Allen would pay $100 million for a 7% stake, which would value the company at $1.4 billion, even though Oxygen's women-oriented Web sites have only just started up.

Oxygen would not comment. Oxygen Chairman Geraldine Laybourne has secured backing from talk show host Oprah Winfrey and TV producer Carsey-Werner.