NuvoTV, where Jennifer Lopez is a minority owner and serves as the networks CEO has outbid Diddy and Revolt TV to acquire Fuse from Madison Square Garden Company for $226 million, according to The Hollywood Reporter.
“Music is my first love so the acquisition of Fuse is near and dear to my heart,” Lopez said in a statement. “It’s exciting that between NUVOtv and Fuse we’ll have the ability to deliver a broad array of terrific content both from a Latino perspective and across multiple genres, including music, to a broader audience. The acquisition of Fuse means we now own two wonderful assets. It’s a phenomenal time for our company and we look forward to growing both networks in the years ahead.”
The deal is expected to close between July 1 and September 1.
“The acquisition of Fuse represents a transformational event for us and also provides significant benefits to NUVOtv,” said Michael Schwimmer, CEO of NUVOtv network parent company SiTV Media. “It 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 as we roll out our plans for both NUVOtv and Fuse.”
Diddy reportedly made a deal backed by billionaire Ron Burkle for $200 million to help bolster his Revolt TV audience, but J. Lo’s extra $26 million made a sweeter deal.
In an interview with Jennifer’s manager Benny Medina, he says that NuvoTV doesn’t have any immediate plans to change the Fuse network or their current format.
“We do look at these channels as two different companies with two different identities, audiences and goals,” Medina said. “And these shall remain intact.”
When asked his thoughts on the former lovers’ bidding war, Medina replied,
“I don’t think it’s a coincidence,” but added that it had nothing to do with their past history.
“In many ways, Jennifer and Sean are cut from the same cloth,” Medina said.
With boss moves like these, it won’t be long now until Jenny actually OWNS the block.