Jennifer Lopez has emerged victorious in the battle of the exes. The “I Luh Ya Papi” singer has outbid her former boyfriend Sean “Puffy” Combs to acquire Fuse.
According to The Hollywood Reporter, cable channel NUVOtv has reached an agreement to acquire music network Fuse from Madison Square Garden Company for $226 million. J.Lo is a minority owner and serves as NUVOtv’s chief creative offer.
“Music is my first love so the acquisition of Fuse is near and dear to my heart,” J.Lo said in a statement. “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. The acquisition of Fuse means we now own two wonderful assets. It’s a phenomenal time for our company and we look forward to growing both networks in the years ahead.”
The deal is expected to close between July 1 and September 1.
Before Lopez’s NUVOtv clinched the deal, Diddy, along with billionaire Ron Burkle, had reportedly made a $200 million offer.
Lopez’s manager Benny Medina previously said that there were no immediate plans to change Fuse’s music format. “We do look at these channels as two different companies with two different identities, audiences and goals,” said Medina. “And these shall remain intact.”Tweet
Leave a Reply
MOST READ STORIES OF THE WEEK
©Copyright 2014 Rap-Up.com. Rap-Up® is a registered trademark. All rights reserved.
A Member of Townsquare Music | Advertise