Where Jennifer Lopez and Diddy are concerned, there is a lot of unfinished business, now literally. Recently, Diddy let it be known that he was looking to acquire FUSE TV in order to use their space for Revolt TV. Until today, it looked like Mr. Combs would succeed in this mission.
However, Diddy and Revolt were not the only people interested in FUSE TV, in an ownership sense. There was another media company that wanted to get their hands on FUSE TV, backed by Jennifer Lopez. Ironically, Jennifer Lopez featured Diddy’s artist, French Montana, on her “I Luh Ya Papi” single.
Jennifer Lopez is the backer of NUVO TV, an English-speaking, Latin oriented network. NUVO TV purchased FUSE TV from Madison Square Garden for $226 million and a 15% stake in the new company, according to Bloomberg. This new deal will place NUVO TV in millions of additional homes, something the company is definitely very happy about.
Read NUVO TV’s statement below:
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.
