J-Lo announced that she will be purchasing the network Fuse, beating out the offer from Puff Daddy.
SiTV Media, the parent of the Jennifer Lopez-backed network NuvoTV entered into an agreement with the Madison Square Garden Co. to acquire the television channel, Fuse. SiTV will acquire the channel for $226 million, and MSG is set to take a stake in the channel.
According to the LA Times, Michael Schwimmer, CEO of SiTV Media and NuvoTV said, "The acquisition of Fuse represents a transformational event for us and also provides significant benefits to NuvoTV.”
According to Billboard, Lopez’s Manager Benny Medina discussed NuvoTV and said, “We do look at these channels as two different companies with two different identities, audiences and goals. And these shall remain intact.”
Lopez, who is also a film actress and a judge on Fox’s American Idol is glad about the acquisition of Fuse. Interestingly, Sean Combs, who dated Lopez, also put a bid in for the acquisition of Fuse. It’s not clear why they were vying for the network at the same time, but Lopez’s Medina says that Jennifer and Sean were “cut from the same cloth.”