Who knew the music channel Fuse was up for sale? I didn’t, but Jennifer Lopez and Sean “P. Diddy” Combs apparently did, as they recently went head-to-head in a bidding war to buy it. That battle was one that JLo’s Nuvo TV company eventually won, picking up fuse for a little over $200 million!
Combs had been desperately trying to combine Fuse with his video channel, Revolt, to build a cable empire of his own.
â€œThis is a real blow to Diddy and Revolt,â€ said ex-Fuse chief Eric Sherman, who has also worked with J.Lo on TVâ€™s â€œAmerican Idol.â€
â€œFuse was such a perfect fit for them. But having worked with Jennifer on â€˜Idol,â€™ Iâ€™m not surprised she and her team prevailed.â€
MSG said in September that it was working with JPMorgan Chase to find a buyer for the flailing Fuse channel.
In his quest to obtain the network, Combs was backed by billionaire investor Ron Burkle.
Ouch! That’s quite a bit of money to fork out – hopefully the investment pays off. I never really watched Fuse much, but maybe she’ll turn it into something hip!
Photo: FameFlynet / Source