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Jennifer Lopez's NuvoTV Buys Fuse for $226 Million From MSG In Bidding War Against Diddy's Revolt TV

Dzmitry Bachko

by Dzmitry Bachko

Published April 4, 2014

fuse-nuovo-tv-2014

The music on television landscape shifted today, as Nuvo TV and parent company SiTV Media outbid Revolt TV to buy the Fuse channel in a deal with MSG worth $226 million. In a press release, the terms of the deal are disclosed:

Under the terms of the transaction, MSG will receive $226 million, as well as 15 percent equity of the combined company, which will be subject to potential reduction based on certain performance goals. MSG will also gain a seat on the SiTV Media Board of Directors. The completion of this transaction, which is subject to Hart-Scott-Rodino clearance and other closing conditions, is expected to occur in MSG’s fiscal 2015 first quarter between July 1 and September 30.

The deal will expand the reach of Nuvo TV, as Fuse is currently available in an estimated 73 subscribers which is over double the number of subscribers that can tune into NuvoTV right now. Revolt TV was in a similar situation to NuvoTV as a mid-size television network, but could not muster the cash to acquire Fuse.

The Hollywood Reporter reports that Revolt TV head Sean Combs, billionaire Ron Burkle, and their partners at Comcast had made an unsuccessful $200 million offer to MSG for the Fuse channel. Not coincidentally, Combs' one-time girlfriend Jennifer Lopez is a minority shareholder and Chief Creative Officer of NuvoTV.

Lopez once famously sang "Love Don't Cost A Thing" and now she can sing "A major cable television channel costs $226 million."
 

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