Jennifer Lopez Outbids Puff Daddy to Acquire Fuse TV
Posted by Jeremy Thomas on 04.04.2014
Beating out her ex for the channel...
Jennifer Lopez topped her ex-boyfriend in bidding for cable music channel Fuse TV. Billboard reports that NuvoTV, which counts Lopez as a minority owner, reached an agreement with the Madison Square Garden Company to acquire the channel. NuvoTV had initially offered cash and equity valued at more than $200 million. Sean "Puff Daddy" Combs had made a similar offer. According to once source, "It's getting done."
A spokesperson for Combs referred questions to MSG Company spokeswoman Kimberly Kerns, who said, "As we have stated, we are exploring strategic alternatives for Fuse and will have no further comment."
It is believed that both Lopez and Combs planned to convert Fuse to their own respective programming formats (Combs owns Revolt TV) and gain the 74 million cable households that Fuse reaches. NuvoTV and Revolt reportedly reach around 34 million households. Lopez's manager, however, said that if Nuvo wins the bidding, there will be no immediate plans to change Fuse's format.