Is Sean Combs Buying Fuse TV Network? According to Bloomberg, Sean “P. Diddy” Combs has put in a bit estimated at around $200 million for the cable TV-channel.
Madison Square Garden Co. (MSG) currently owns Fuse TV. Should Combs win the channel with his bid, he will be converting it to Revolt TV. Combs already owns Revolt TV, but would be looking to expand the reach for his channel. Revolt TV currently reaches nearly 23 million homes whereas Fuse TV reaches roughly 74 million.
Revolt is currently backed by Comcast and Time Warner Cable.
Bloomberg also reported in September that several offers had been made for the channel and that JPMorgan Chase & Co. had been hired by Madison Square Garden Co. to explore the possibility of a sale.
“As we have stated, we are exploring strategic alternatives for Fuse, and will have no further comment during what is still an ongoing process,” Said Kimberly Kerns, a spokeswoman for MS via-email.
Credit Suisse analyst Michael Senno said that the channel would receive bids in the $200-$250 million dollar range, so Combs is right in line with that. However, some feel that the bid is potentially on the low end.
Revolt premiered last year and Combs had high expectations for the network saying that he wanted to give artists a platform where they could reach an “extraordinary number of people.”
“It’s your channel to do what you want to do, how you want to do it,” Combs said upon the announcement of Revolt.
There have been several other bids in the mix, so it is unclear whether or not Combs will acquire Fuse, but if he does, it will certainly give him a much larger platform.
Is Sean Combs Buying Fuse TV Network?