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. (r.reuters.com/xuf67v)
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 million households.
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.
(Reporting by Anannya Pramanick and Chris Peters in Bangalore; Editing by Gopakumar Warrier and Saumyadeb Chakrabarty)