Diddy told you that he won’t stop but apparently his ex-girlfriend Jennifer Lopez threw out the memo as J-Lo has allegedly outbid Puffy in a battle to acquire pay-TV distribution for their rival cable networks. Bloomberg reports,
NuvoTV, backed by Jennifer Lopez, has reached an agreement to buy Fuse TV from Madison Square Garden Co. according to people with knowledge of the situation. Lopez outbid Diddy, offering more than $200 million of cash and equity in NuvoTV, an English-language channel marketed to Latinos, said the people, who requested anonymity because the agreement isn’t public. A deal may be announced today, they said.
NuvoTV will use Fuse to expand its audience. Even with 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 about 34 million households, less than half of Fuse TV’s 74 million. Time Warner Cable Inc. and DirecTV (DTV) have been dropping low-rated channels to focus on the most popular ones.
Diddy also sought to buy Fuse for its distribution. Revolt, a music-focused TV network he founded with Comcast Corp. had bid about $200 million, people said last month.
Deals like this make you wonder if Diddy and J-Lo never parted ways, would we be talking about Jay and Beyonce today? Hmmmm????
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