Back in March, news surfaced that Diddy had made a $200 million bid to acquire FUSE TV. However, he was outbid by former girlfriend Jennifer Lopez.
According to Bloomberg, the actress’ NuvoTV recently acquired FUSE TV for $226 million in cash and a 15% equity stake in Fuse and NuvoTV.
With the acquisition, NuvoTV (an English-based station marketed to Latinos) increases it’s market share and gains more viewers. The deal “enhances our distribution relationships, dramatically expands our aggregate subscriber base, provides substantial economies of scale, affords unique opportunities for programming and cross-promotion and should be extremely appealing to the advertising community,” Michael Schwimmer, chief executive officer of NuvoTV, said in today’s statement.
Diddy had hoped to acquire FUSE in an effort to expand the distribution of his newly launched REVOLT TV.