At the same time, Concrete Media has retained Morgan Stanley to help it raise a new round of money for Bolt.Com -- the company's destination site for teens -- in advance of a planned IPO, according to sources. Concrete Media founder Dan Pelson declined to comment on financing for Bolt (http://www.bolt.com).

For Concrete Media, the moves marks the maturation of the company's plans to function as a content studio, developing properties and then spinning them off. But it's definitely a first step. Girls On, Inc., with a small team of employees, was the smallest of Concrete's properties that include not only Bolt but also a services company that builds Web destinations for the Princeton Revenue and Bertelsmann. "It's been a tremendous challenge to build companies that build content and community around demographics," said Cohen. "I think our space is to build vertical portals for ourselves and for clients."

The history and development of Girls On is a classic Silicon Alley story. The original Girls on Film site was created by Lise Carrigg and three of her college friends as a graduate school product in 1995 when Carrigg was a student at New York University's Interactive Telecommunications Program. The idea was to create a content and community site where young women could criticize movies. Acquired by Concrete Media in 1998, the Girls On brand was quickly expanded to apply to film, television, books and other forms of media. In addition, Concrete's leadership pushed to expand Girls On into a cross media brand with a Girls On book recently published by Harper Collins.

But Concrete's plans for Girls on Film were always to find at least a strategic media partner. And according to sources, all the suspected players in the "women online" business were courting Girls On. Cohen said Oxygen was the best fit. "Oxygen Media is an ambitious cross media brand and Girls On always was a cross media brand," he said.

It remains unclear what role the founders of Girls On will play under Oxygen's ownership. The Girls On founders have not been involved in day to day operations of the property for sometime but all four have been continuing contributors to the site.

While hinting that the Girls On brand can be developed for cable television programming, an Oxygen Media spokesperson said the company wouldn't comment on the deal.