Jennifer Lopez-backed company buys Fuse music network for $226 million
NEW YORK, N.Y. - The Jennifer Lopez-backed company that owns NUVOtv, an English-language cable entertainment network aimed at Latinos, has bought the Fuse music network.
SiTV Media said Friday it had agreed to pay $226 million to Fuse's owner, the Madison Square Garden Co. SiTV reportedly outbid Revolt, the music network started by Sean Combs.
Fuse is in 73 million homes, more than twice that of NUVOtv. SiTV announced no plans to change or close Fuse, although there is precedent for companies buying networks with greater distribution in order to help their own networks grow. Al-Jazeera bought Current TV and shut Current down.
Lopez is a shareholder and chief creative officer at NUVOtv.
Read more Business News
- Girl assaulted at parkKamloops - 11:47 am
- One dead in shootingBC - 11:44 am
- PIB backtracks on BoonstockPenticton / S. Okanagan
- Missing hiker foundCentral Okanagan - 9:28 am
|QHR Technologies Inc||1.20||0.00|
|Anavex Life Sciences||0.251||-0.0165|
|Copper Mountain Mining||2.82||-0.04|
|Sunrise Resources Ltd||0.035||+0.015|
|Mission Ready Services||0.15||-0.005|
Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...
The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...
Photo: ContributedI have the pleasure of witnessing people delegate tasks quite often. Sometimes with tremendous success and sometimes with disastrous consequences. I have chaired a lot of committees...