The talks of cable television channel & media network FUSE being sold has been on the industry radar for quite some time. Now it is officially done, with NUVOtv, a latin millennial aimed company that Jennifer Lopez is the chief creative director of and owns an estimated $2 to $3 million dollar stake in, purchasing the network for $226 Million. The Madison Square Garden Company who have sold FUSE will still own a 15% equity in the company, the amount can change depending on the performance of the network in the future.
Combining the already existing 34 million pay-TV audience that they were estimated to be at by the end of 2014 with the already established reach of FUSE (73 million households) will more than triple NUVO’s reach. Lopez’s involvement in the network has been much more than a PR move; the singer who’s album A.K.A was released earlier this summer has reportedly been highly involved in network plans, heading up development on shows like “A Step Away” and “The Collective”. SiTV (the parent company of NUVO)
CEO Michael Schwimmer said in a statement: “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.”
keep building that empire, jenny