Diddy says that the network's owner, The Madison Square Garden Company, used him to jack up the bidding price for Fuse TV.
About a month ago, we reported that Jennifer Lopez's NuvoTV had beaten out former boyfriend Diddy's Revolt TV in buying music network Fuse TV. Now, Diddy (or Puff Daddy, if you prefer) is saying that he was played by The Madison Square Garden Company, Fuse's previous owner, in order to increase the bidding price.
At a panel at The Cable Show in Los Angeles yesterday, the hip hop mogul said he was "used as a pawn" in the deal. The network was failing and valued relatively low before Diddy expressed interest, at which point the bidding price began rising, eventually selling to NuvoTV for $226 million. "It's cool," Diddy continued, "that's the way business works."
At the panel, Diddy also talked up Revolt TV, saying that he wants it to become “the No. 1 brand in music worldwide.”