J.Lo Wins Bidding War for TV Network -- Beating Her Former Boyfriend NY Post
Jennifer Lopez has won a battle to purchase a TV network, prevailing in a bidding war over her ex-boyfriend. The New York Post reports that a company partly owned by Lopez outbid her ex, Sean "Diddy" Combs, to buy the music-focused channel Fuse.
Combs reportedly bid almost $200 million for the channel, with his offer eclipsed by Lopez's NuvoTV group.
"Combs had been desperately trying to combine Fuse with his video channel, Revolt, to build a cable empire of his own," the report notes.
Said former Fuse chief Eric Sherman: “This is a real blow to Diddy and Revolt." Sherman, who has also worked with Lopez on “American Idol,” added: “Fuse was such a perfect fit for them. But having worked with Jennifer on ‘Idol,’ I’m not surprised she and her team prevailed.”
Combs was reportedly backed by billionaire investor Ron Burkle.
"Lopez partnered with the English-language NuvoTV, which focuses on American Latinos, in 2012," the report notes.
The asking price for MSG-owned Fuse had reportedly been as high as $400 million. The report notes that the exact winning bid is unknown.
Lopez has said she wanted to "take NuvoTV to the next level.”
"The L.A.-based channel now reaches 34 million households," the story notes. "The big-money purchase gives Lopez’s company distribution to 74 million homes."