Media mogul Oprah Winfrey topped Forbes' list of the highest-paid celebrities, raking in $165 million between May 2011 and May 2012.

Winfrey, whose earnings actually fell by $125 million from the previous year, remains at the top thanks to the final season of The Oprah Winfrey Show, as well as her eponymous magazine, OWN, her spin-off shows and Sirius radio deal.

Who Earns What: TV's highest-paid stars

Coming in just behind Winfrey is movie director Michael Bay,  who earned $160 million. His Blockbuster film Transformers: Dark Side of the Moon, which he earns profits on, took in a whopping $1.1 billion at the box office.

Steven Spielberg took the No. 3 spot, earning $130 million in the last year. His company DreamWorks produced Falling Skies, Terra Novaand Smash for television and the Oscar-nominated films The Adventures of Tintin and War Horse.  

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In the fourth spot is Jerry Bruckheimer with $115 million. His movie Pirates of the Caribbean: On Stranger Tides took in $1 billion at the box office.

Dr. Dre landed in the fifth spot, earning $110 million thanks to HTC paying $300 million for a 51 percent stock in his headphone company, Beats by Dr. Dre.

Rounding out the top 10 are Tyler Perry ($105 million), Howard Stern ($95 million), James Patterson ($94 million), George Lucas ($90 million) and Simon Cowell ($90 million).

See the full list here.