DIDDY and JLO Go Head to Head: JLO Out Gets Television Network Over DIDDY
You can say what you want to say and feel what you want to feel about our girl JLo, I’ve said it twice and and I’ll say it again: The girl is taking care of business, man.
In the case of the ex, she just exed our guy Diddy out of a major business deal in which both had a bid on, but I’m more than sure the “I Luh U Papi” still got love for Diddy who (just for now) has to high-tail it on back to run the city over at Revolt and make due [for now].
Here’s the G’s:
NuvoTV Network just recently purchased the music channel: FUSE TV (music channel-a Madision Square Garden Company) for a reported $225 million dollars and guess who’s a major shareholder [of Nuvo]:
Jennifer Lopez: NuvoTV’s chief creative officer.
But what does this have to do with Diddy? She outbid Diddy who bid a reported $200 million dollars for the struggling network in hopes that he could merge the network with Revolt [you know, since both channels are cable neighbors, and actually-that would have been perfect].
Even despite Diddy being backed by billionaire investor Ron Burkle, the JLo machine won this bid over Diddy.
Eric Sherman, ex-Fuse TV chief (who also worked with JLo on “American Idol”) asserted: “This is a real blow to Diddy and Revolt. Fuse was such a perfect fit for them. But having worked with JLo on Idol, I’m not surprised she and her team prevailed.”
The deal’s deets:
Madison Square Gardens, who will have a seat on the board of SiTV (NuvoTV’s parent company) will receive cash plus 15% of the equity in the [privately held board of] SiTV Media.
According to Bloomberg, initially Madison Square Gardens was seeking $400 for Fuse.
Despite the networks struggles, it reaches about 73 million as compared to about the 30 million in NuvoTV’s reach.
Fuse’s most popular shows currently are: “Billy On The Street,” “Big Freedia: Queen of Bounce,” and as well, it’s known for broadcasting live concerts, music specials and at one time (mid 2000’s) was kinda like MTV’s TRL (where celebrities stop by studio live audience and interact with fans while promoting their new album/project).
As for JLo, she is quite excited about the new venture under her belt of success. She expresses: “Music is my first love so the acquisition of Fuse is near and dear to my heart. 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.”
Join us at Other Side of the Fame in wishing JLo well on her newest venture!
Source: New York Post