CBS Sinks on Oprah Announcement

Updated with adiitional share prices.

Chicago, Ill. (TheStreet) -- Shares of CBS(CBS Quote) are in a freefall next to other major media companies, a day after news broke of Oprah Winfrey's intentions to quit her show in 2011.

CBS shares have taken a 3.91% dip at $12.79 a share in late morning trading.

The 55-year-old billionaire media mogul told her studio audience today that her daytime television show will end in 2011 after 25 seasons in the running.

She says the decision came "after much prayer and careful thought." Winfrey fought back her tears as she thanked viewers for inviting her into their homes over the years.

"Twenty-five years feels right in my bones and feels right in my spirit," she said.

The Oprah Winfrey Show began in 1986 and has become the foundation for Winfrey's multibillion-dollar media empire. Recently it has seen ratings slip by 7%, and fans say they support her decision to quit while she's still ahead.