Friday, April 4, 2014
Jennifer Lopez Wins Bidding War With Puff Daddy. Buys Fuse TV For $226 Million Cash
Jennifer Lopez outbid former boyfriend Sean "Puff Daddy" Combs for Fuse TV.
Bloomberg reports that NuvoTV, backed by J-Lo, acquired Fuse from Madison Square Garden Co. for $226 million in cash and a 15% equity stake in Fuse and NuvoTV
With the Fuse TV acquisition, NuvoTV, an English based station marketed to Latinos, puts itself in a prime position to increase it's market share and gain more viewers.
The deal “enhances our distribution relationships, dramatically expands our aggregate subscriber base, provides substantial economies of scale, affords unique opportunities for programming and cross-promotion and should be extremely appealing to the advertising community,” Michael Schwimmer, chief executive officer of NuvoTV, said in today’s statement.