Jennifer Lopez is a major shareholder in NuvoTV network, which just purchased music channel Fuse TV for a reported $225 million from the Madison Square Garden Company.
“Music is my first love so the acquisition of Fuse is near and dear to my heart,” said Lopez, who serves as chief creative officer for NuvoTV.
The “American Idol” judge continued, “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.”
Lopez outbid her ex-boyfriend Diddy, who reportedly offered $US200 million for the struggling network so that he could merge it with his new Revolt TV. Diddy was even backed by billionaire investor Ron Burkle.
“This is a real blow to Diddy and Revolt,” ex-Fuse chief Eric Sherman, who has also worked with J.Lo on TV’s “American Idol,” told PageSix.
“Fuse was such a perfect fit for them,” added Sherman. “But having worked with Jennifer on ‘Idol,’ I’m not surprised she and her team prevailed.”
Lopez’s deal calls for MSG to receive cash plus 15% of the equity in the enlarged SiTV Media parent company of NuvoTV, reports Variety. MSG will have a seat on the board of the privately held SiTV Media.
Bloomberg initially reported that MSG had been seeking about $US400 million for Fuse, which reaches about 73 million MVPD homes, compared to about 30 million for NuvoTV.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.