Sean Combs, the hip-hop mogul now known as Diddy, has bid about $200 million for the Fuse cable-TV channel, said three people with knowledge of the situation.
Combs, 43, rose to fame as rapper Puff Daddy and has since founded fashion, liquor and media businesses, including the cable-music channel Revolt TV. He would convert Fuse, owned by New York-based Madison Square Garden Co. (MSG), into Revolt TV, which has backing from Comcast Corp. (CMCSA), said the people, who requested anonymity because the talks are private. Combs is one of several Fuse bidders, one of the people said.
With the purchase, Revolt TV would gain wider distribution and higher subscriber fees, one person said. Fuse is available in about 74 million homes through pay-TV systems including DirecTV (DTV), Dish Network Corp. (DISH) and Cablevision Systems Corp. (CVC), compared with Revolt TV, which reaches about 22.8 million homes and is carried by Comcast and Time Warner Cable Inc. (TWC), according to researcher SNL Kagan.