Ex lovers JLo and Diddy have entered a bidding war to acquire FUSE TV and Jenny from the block prevailed.
Madison Square Garden who owns FuseTV announced in September that they were in talks with JP Morgan Chase to find a buyer for the channel. Diddy who recently launched his TV network, had dreams of combing RevoltTV with FuseTV, and was backed by billionaire investor Ron Burkle to see the deal through. Combs offered nearly $200 million for Fuse, but was slightly outbid by JLo.
Ex Fuse chief Eric Sherman who also worked with Lopez on American Idol says Diddy didn't take the news well:
“This is a real blow to Diddy and Revolt,”
“Fuse was such a perfect fit for them. But having worked with Jennifer on ‘Idol,’ I’m not surprised she and her team prevailed.”
Lopez became a minority stakeholder of NuvoTV, which currently focuses on American Latinos, in 2012.Lopez says the merge of Nuvo and Fuse was a "no-brainer:"
“I’m an English-speaking Latina myself. I want to take NuvoTV to the next level.”
JLo also helps Nuvo which currently reaches 34 million households, with strategy and marketing.
This new deal will give Lopez's company distribution to 74 million homes.