Jennifer Lopez and Sean Combs (who’s calling himself Puff Daddy again) have been in a bidding war over the Fuse network, presumably to help their respective TV networks grow.
Lopez is Chief Creative Officer and a minor shareholder of NUVOtv, a company that creates English language programming for Latinos. Sean Combs owns Revolt TV, a music television network aimed at young people.
The result? NUVOtv outbid Revolt TV.
SiTV Media Inc, NUVO’s parent company, is acquiring Fuse from The Madison Square Garden Company.
SiTV will pay $226 million and 15 percent equity in the new combined company. MSG will also get a seat on SiTV’s Board of Directors.
The acquisition is scheduled to complete between July 1st and September 30th.
When Nina Ulloa isn’t writing for DMN she’s usually reviewing music or at a show. Follow her on Twitter.