Dirty Money: Diddy Allegedly Wants To Buy FUSE TV For $200 Million
From The Grio
Though the initial launch was shaky, Diddy’s Revolt TV has largely been a success.
Branded the new number one in music news, the Bad Boy founder now looks to expand his empire in 2014.
Madison Square Garden’s Fuse TV Network is for sale and it’s been reported that Diddy has placed a bid for around $200 million.
Similar to when WWE CEO Vince McMahon, acquired rival wrestling brand WCW, it appears that Diddy wants to buy Revolt’s competition.
“As we have stated, we are exploring strategic alternatives for Fuse, and will have no further comment during what is still an ongoing process,” Kimberly Kerns, a spokeswoman for MSG, said today in an e-mail.
Keesha Johnson, a press contact for Combs, declined to comment.
MSG hired JPMorgan Chase & Co. to explore a sale of Fuse, Bloomberg News reported in September. That decision was made after various parties expressed strategic interest in the TV network, Hank Ratner, the former chief executive officer, said on a Nov. 1, 2013, earnings conference call. Tad Smith replaced Ratner as president and CEO last month.
Michael Senno, an analyst at Credit Suisse, estimated in a Sept. 12 report that Fuse would receive bids between $200 million and $250 million.
Read more about Diddy and his businesses at TheGrio.com