EXCLUSIVE: Sharon Osbourne Reveals Why She Stepped Out to Support Ozzy: 'It's Business'

Sharon Osbourne stepped out with her estranged husband on Thursday, but she tells ET that it's strictly business.

The 63-year-old The Talk co-host -- who also acts as Ozzy Osbourne's manager -- introduced the 67-year-old rocker during a press conference in Hollywood, California, the very same week they announced their split after 33 years of marriage and the Black Sabbath frontman's alleged affair came to light.

"It's business. This is my business, you know? This is what I do," Sharon explained to ET of why she was supporting Ozzy during their first public appearance together. "People have forgotten, because they see me every day on the chat show, but this is still the other half of my life."

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Sharon, who was accompanied by daughter Kelly Osbourne, was on hand to present Ozzy and Corey Taylor, the lead singer of Slipknot, as they announced the merging of Ozzfest and Knotfest on Sept. 24 and Sept. 25 in San Bernardino, California.

Though Sharon and Ozzy's interactions were polite but icy onstage, he had nothing but praise for her backstage, crediting Sharon for the idea of combining the festivals. "She's my right arm," Ozzy told ET. "She's everyone for me. She's great."

As for whether it's hard for Sharon to act as Ozzy's manager following news that he reportedly cheated on her with her hairstylist, the talk show host remained diplomatic.

"This is what I do. It's what I've done my whole life. So, it's a huge part of who I am, you know," she said, though she admitted it was nice to hear Ozzy's compliments.

"We've been working together, my lord, since '76. That's how long we've been working together. Before we were married," Sharon added. "So, it's been a long time."

Sharon was M.I.A. from her co-hosting duties on The Talk on Monday, but returned to the show later in the week and revealed she felt "empowered" by her split. But a source close to Sharon tells ET that she is "distraught" over Ozzy's "emotional affair" with Michelle Pugh.

"There have been other dramatic things that have happened with them in the past, but this is the first long-time affair Sharon has found out about," the source says. "This is an emotional affair -- it wasn't just a one-time hookup. There are feelings there between Ozzy and this woman. This is a double life he’s been leading -- and that's what upset Sharon the most and made her leave him."