Oprah Winfrey Taking a 'Well-Deserved Break'

By Mark Gray

06/10/2011 at 08:00 AM EDT

As the curtain went down on her landmark TV show May 25, Oprah Winfrey was already thinking about her OWN Network.

But first, she needed a break – which is exactly what she's taking, in London.

"She's just relaxing," BFF Gayle King, 56, told PEOPLE at the fifth anniversary of The Beatles LOVE by Cirque du Soleil, in Las Vegas. "She's on vacation right now. She's taking a much-deserved, well-deserved break."

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But when Winfrey, 57, returns from her vacation, she will continue her work on OWN.

As for King, "I'm working on my own show," she said, "but I'd like a vacation."