Hip-Hop Mogul Bids $200 Million to Buy Cable Channel Bloomberg
A well-known rapper, record producer and entrepreneur is working on expanding his empire, and has his sights set on buying Madison Square Garden Co.’s Fuse network. Bloomberg reports that Sean Combs, who is also known as Diddy, has offered about $200 million for the cable channel, which he plans to turn into Revolt TV.
Combs is one of several bidders for the network, the story says. Since gaining fame as rapper Puff Daddy, he has started fashion, media and liquor businesses, on top of the cable-music network Revolt.
By purchasing Fuse, Revolt TV would gain more viewers and heftier subscriber fees. Fuse reaches about 74 million homes, while Revolt TV is only available in 22.8 million homes, the story notes.
“As we have stated, we are exploring strategic alternatives for Fuse, and will have no further comment during what is still an ongoing process,” an MSG spokeswoman said.
A $200 million offer may be on the low side, as bids were expected to range from $200 million to $250 million, the piece adds. The Dolan family, which controls MSG, has been seeking about $400 million.
Fuse’s programming includes original shows such as “Billy on the Street,” which features comedian Billy Eichner asking New Yorkers questions, while Revolt TV airs music videos, news, interviews and live performances.