Highbridge Capital’s private investment platform has become a minority partner in entertainment mogul Sean “Diddy” Combs’ latest venture to launch a music cable channel, according to the Wall Street Journal.
From the WSJ:
Mr. Combs is putting up much of the money for Revolt TV, but has a minority partner in a fund managed by Highbridge Principal Strategies. Launching a cable channel can run as much as $US100 million — Mr. Combs declines to comment on the cost.
Combs plans on having Revolt TV be a 24-hour music channel that feature live performances, music videos and shows for an audience of 18 to 34, according to the Journal.
Highbridge was co-founded by billionaire fund manager Glenn Dubin.
Dubin recently announced plans to step down as CEO and remain chairman of the firm. Scott Kapnick, who previously ran High Bridge Principal Strategies, was tapped as the new CEO.
Highbridge Principal Strategies — the firm’s credit and private investment branch — invests in media, technology and communication. It’s a subsidiary of Highbridge Capital, which is a subsidiary of JPMorgan Asset Management.