Jennifer Lopez won a fierce bidding war against her ex-boyfriend Diddy to buy Madison Square Garden Company’s Fuse TV.
According to the NY Post and further confirmed by Bloomberg News, J.Lo’s NuvoTV offered MSG $226 million in cash and 15 percent equity stake (reportedly worth $50 million) in the deal.
Diddy came up short by reportedly offering $200 million for Fuse.
“This is a real blow to Diddy and Revolt,” said ex-Fuse chief Eric Sherman, who has also worked with Lopez on ‘American Idol.’ “Fuse was such a perfect fit for them. But having worked with Jennifer on ‘Idol,’ I’m not surprised she and her team prevailed.”
For Lopez, the deal will help expand NuvoTV to a broader market. Currently, the network reaches 34 million households. Now, with the Fuse TV deal, her network will be distributed to 75 million homes.
“Music is my first love so the acquisition of Fuse is near and dear to my heart,” Lopez said in the 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.”
Congrats to Jennifer Lopez on her acquisition of Fuse TV.