J-Lo Backed NuvoTV Outbids Diddy for MSG’s Fuse TV Network
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J-Lo has outbid Puff Daddy in a battle to acquire pay-TV distribution for their rival cable networks.
NuvoTV, backed by Jennifer Lopez, has reached an agreement to buy Fuse TV from Madison Square Garden Co., the companies said Friday. The pop star and entrepreneur, known as J-Lo by fans, outbid hip-hop mogul Sean “Puff Daddy” Combs, offering $226 million in cash and a 15% equity stake in the combined Fuse and NuvoTV, an English-language channel marketed to Latinos.
NuvoTV will use Fuse to expand its audience. Even with Ms. Lopez’s star power, the channel can more easily gain eyeballs by acquiring another network than by trying to secure its own deals with pay-TV operators. Los Angeles-based NuvoTV reaches more than 32 million households, less than half of FuseTV’s 73 million. Time Warner Cable Inc. and DirecTV have been dropping low-rated channels to focus on the most popular ones.
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