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Posted April 7, 2014 by Unique in News
 
 

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:

The deal 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.

Lopez also spoke on the win:

Music is my first love so the acquisition of Fuse is near and dear to my heart. 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.

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.