March 14 Latino-focused cable network NuvoTV has
made an offer to buy Madison Square Garden Co's Fuse TV
for more than $200 million in cash and stock, Bloomberg
reported, citing people with knowledge of the matter.
The offer from NuvoTV, in which pop singer Jennifer Lopez
owns a minority stake, pits her against former boyfriend Sean
"Diddy" Combs, who made a bid of about $200 million for Fuse TV,
a music TV network, earlier this week, Bloomberg reported. ()
The Dolan family, which spun off Madison Square Garden from
Cablevision Systems Corp four years ago, has been asking
for about $400 million for Fuse, the report said, citing a
person familiar with the matter.
A spokeswoman for Madison Square Garden, Kimberly Kerns,
said, "As we have stated, we are exploring strategic
alternatives for Fuse, and will have no further comment during
what is still an ongoing process."
NuvoTV was not immediately available for comment.
Lopez is the chief creative officer of NuvoTV, an
English-language network for Latinos that reaches more than 32
Fuse reaches about 74 million homes through pay-TV systems
including DirecTV and Dish Network Corp.
Combs, the celebrity rapper-turned-business mogul, planned
to merge Fuse with his music cable network Revolt TV, which is
backed by Comcast Corp, in an attempt to gain wider
distribution and higher subscriber fees, Bloomberg said.