NuvoTV close to buying Fuse

Jennifer Lopez-backed NuvoTV appears to have outbid US musician Sean Combs (aka Diddy) in the race to acquire Madison Square Garden Company’s Fuse network.

Latino-focused NuvoTV offered to buy Fuse for more than US$200m last month and is now nearing completion of the deal, according to Bloomberg. Lopez is a minority shareholder at the channel and holds the position of chief creative officer.

Music-skewing pay TV network Fuse reaches around 74 million homes in the US and hired JP Morgan last year to investigate a sale of the channel. NuvoTV would use the acquisition to expand its own audience, which currently stands at around 34 million households.

Combs bid around US$200m for the network last month and also planned to replace it with his own channel, Revolt TV, which he launched last year with the backing of US media conglomerate Comcast.