Oprah Ranks No.1, While Tiger Woods Ranks No.21 On Forbes Highest-Paid Celebrities

Oprah Winfrey
$165 million
The media mogul's earnings fell by a staggering $125 million from last year. However, even with the drop, she remains the highest earner on the list, just inching out director Michael Bay. It's been a challenging year for Winfrey, who signed off from her 25-year syndicated show and immediately turned her attention to struggling cable network OWN. The bulk of the earnings dive comes from lost income on The Oprah Winfrey Show, but her diversified portfolio includes O: The Oprah Magazine, spin-off shows like The Dr. Oz Show and a radio deal with Sirius. She does not earn a salary at OWN, which has faced ratings disappointments and financial issues since it premiered in Jan. 2011. As chairman and CEO of the joint venture with Discovery Communications, she hopes a recent restructuring, new programming and a distribution deal with Comcast will turn the network around.

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Katie Holmes files for divorce from actor Tom Cruise

The marriage of Tom Cruise and Katie Holmes, one of Hollywood's highest profile relationships and a subject of endless tabloid speculation, is over.

After five years of marriage to Tom Cruise, 'Dawson's Creek' actress Katie Holmes has hired a high-profile legal team to represent her in the couple's split.

Holmes announced through a lawyer Friday that she had filed for divorce from her movie star husband of five years. The news surprised the entertainment industry, which counts Cruise as one of its most recognizable stars, and apparently the actor himself. Cruise learned Holmes had initiated divorced proceedings in New York while he was working on a film set in Iceland.