NUVOtv parent company, SíTV Media, completed its acquisition of the Fuse network from The Madison Square Garden Company 7/1. Fuse is a cable network reaching 73 million homes that targets a young, millennial audience with music and music-themed programming. The announcement was made by Michael Schwimmer, CEO of SiTV Media and its NUVOtv network.
“We are pleased with the overwhelmingly positive response by the financial community and other stakeholders to this transaction. It is confirmation of the value we recognized in Fuse and our growth plans,” said Schwimmer.
Under the terms of the transaction, SíTV Media, Inc. agreed to purchase Fuse for $226 million. In addition, MSG received 15% equity of the combined company, which is subject to potential reduction based on certain performance goals.
Under the terms of the transaction, the 15% equity of the combined company will be subject to potential reduction based on certain performance goals. MSG will also gain a seat on the SiTV Media Board.
As a national network dedicated to music, Fuse features original series and specials, exclusive interviews, live concerts and video blocks – all rooted in the music experience. NUVOtv is the premier English-language destination for Latino entertainment, embodying the vibrancy and richness of modern Latino culture. The networks will continue to operate independently.
RBR-TVBR observation: In mid-March, Diddy bid about $200 million for Fuse. Combs’ Revolt TV made its debut on Comcast last year and airs music videos, live performances, news and interviews. The reason for the move from Combs was likely better carriage, as he would convert Fuse into Revolt TV, which has backing from Comcast. Lopez, instead, is keeping both networks and will likely cross-promote them.