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Jennifer Lopez has reportedly beat out her ex-boyfriend, Sean ‘Puff Daddy’ Combs, in a bidding war for Madison Square Garden Co.’s Fuse TV network.
Last month, it was reported that NuvoTV, which counts Lopez as its chief creative officer and a minority owner, was in a bidding war with Combs’ Revolt TV. Both had initially offered $200 million for it, but NuvoTV was apparently ready to go much higher.
NuvoTV offered MSG $226 million for Fuse, along with a 15 percent equity stake in the new, combined network.
The deal helps NuvoTV out more than Fuse. Lopez’s English-language, Latino-targeting network has drawn few viewers since launching and Time Warner Cable and DirecTV have even dropped the network. Fuse reportedly reaches 74 million households with cable, while NuvoTV only reaches around 34 million. (This is the same situation Revolt is in, which explains why Combs was also interested in Fuse.)
NuvoTV CEO Michael Schwimmer said 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.”
Part of the deal gives MSG a seat on the board of NuvoTV’s parent company, SiTV Media Inc. It is expected to be closed between July 1 and Sept. 30.
Combs and Lopez were romantically linked from 1999 to 2001.