How did Diddy’s ex gain the upper hand on an entire network? Because she apparently has minority ownership in NuvoTV. From the Hollywood Reporter:
NuvoTV, the English-language cable channel where Jennifer Lopez is a minority owner and serves as the network’s chief creative offer, has reached an agreement to acquire Fuse from Madison Square Garden Company for $226 million.
“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.”
Prior to Lopez’s NuvoTV reaching a deal, Sean “Puffy” Combs, backed by billionaire supermarket magnate Ron Burkle, had reportedly made a $200 million offer.
The assumption in the industry that Lopez and Combs, who owns the fledgling Revolt TV cable channel in partnership with Comcast, were interested in acquiring Fuse to convert the struggling network to their respective programming formats and gain access to Fuse’s 74 million cable households. (NuvoTV and Revolt reportedly reach in the neighborhood of 34 million households.)