The Low Post News

J-Lo Acquires Fuse Network Outbidding Combs

The English language channel NUVOtv, backed by Jennifer Lopez, that is aimed toward an Hispanic audience confirmed Friday afternoon that it signed a deal worth $226 million to purchase MSG – Madison Square Garden’s Fuse cable-TV channel.

The company outbid Sean Diddy Combs, the rapper in the bidding for the cable channel.

Lopez, who is the chief creative officer at NUVOtv, said her first love is music so acquiring Fuse is close to her heart.

The entrepreneur and pop start, known to her fans as J-Lo continued by saying it was exciting that between Fuse and NUVOtv there is the ability to deliver an array of excellent content both from the Hispanic perspective and across a number of genres including music to a wide audience.

Fuse currently reaches over 73 million American households, compared to only 30 million households for NUVOtv that is based in Los Angeles. Fuse is available through Cablevision, DirecTV, Time Warner Cable and Comcast.

Lopez was able to outbid ex-boyfriend and hip-hop mogul Sean Diddy Combs for Fuse. Combs is reported to have offered to buy the channel for $200 million. The channel has been struggling of late, but should be helped by linking up with NUVOtv.

The deal made by Lopez will include MSG receiving cash and 15% in equity of SiTV Media, which is NUVOtv’s parent company. MSG will have one seat on SiTV Media’s
board of directors. The company is privately held.

The new deal enhances the distribution relationship, expands dramatically the overall subscriber list of the company and should appeal extremely well to the entire advertising community, said CEO Michael Schwimmer  from NUVOtv in a prepared statement  following the announcement of the acquisition.

The new deal, which is still subject to U.S. regulatory agency approval, is expected to be completed and closed during the third quarter of 2014.

Lopez has had great success in her singing and acting career and has been able to form strong relationships amongst both the Hispanic and Anglo communities. She also has been a judge in television talent shows.

Leave a Reply

Your email address will not be published. Required fields are marked *