J.Lo Beats Out Diddy In Battle Over Fuse TV [Details]
According to Bloomberg Jennifer Lopez successfully outbid-ed Diddy in a battle to acquire pay-TV distribution for their rival cable networks.
This past Friday NuvoTV, backed by J. Lo, was able to reach an agreement to buy Fuse TV from Madison Square Garden Co. offering more than $200 million of cash and equity in NuvoTV, an English-language channel marketed to Latinos.
The Chief Executive Officer of NuvoTV, Michael Schwimmer, stated that:
Lopez also spoke on the win:
NuvoTV will use Fuse to expand its audience. Los Angeles-based NuvoTV reaches about 34 million households, less than half of Fuse TV’s 74 million.