Music-centered cable network Fuse has received a bid for about $200 million from Sean Combs, the rapper and entertainment entrepreneur better known as Diddy, according to a report from Bloomberg News, which cited three people familiar with the negotiations. According to the report, Combs would use a purchase of Fuse to help bolster the fortunes of Revolt, the nascent cable network he launched last fall with backing from Comcast Corp. By using Fuse to distribute Revolt, the latter would attempt to leverage broader distribution and increase the fees it receives from carriers, according to the Bloomberg report. Bloomberg said Fuse is available in about 74 million homes through pay-TV systems, while Revolt TV, which reaches about 22.8 million homes. When contacted by Variety, a Fuse spokeswoman, Kimberly Kerns, offered the following statement: ”As we have stated, we are exploring strategic alternatives for Fuse, and will have no further comment during what is still an ongoing process.” Parent company Madison Square Garden said in September it had hired J.P. Morgan to explore strategic alternatives for the cable outlet, which may not fit so well with MSG’s lineup of sports teams, live events and regional sports networks.
Posted on: Tue, 11 Mar 2014 01:50:13 +0000
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