Diddy puts a $200 million bid in for Fuse TV.
Sean Combs is trying to convert Fuse, owned by New York-based Madison Square Garden Co. (MSG), into his Revolt TV. However, Diddy doesn’t appear to be the only bidder for this as he’s among a list of several others looking to score the cable network. And his $200 million offer may not be nearly enough either.
The Dolan family, which spun Madison Square Garden off from Cablevision four years ago, has been asking for about $400 million for Fuse.
“An offer of $200 million seems low for almost 75 million households,” said Paul Sweeney, an analyst with Bloomberg Industries.
For size comparison, Fuse is available in about 74 million homes through pay-TV systems, while Revolt TV reaches only 22.8 million homes. That's more than a three times larger audience.
“We are exploring strategic alternatives for Fuse, and will have no further comment during what is still an ongoing process,” MSG spokeswoman Kimberly Kerns told Bloomberg.
If Diddy could pull this off, it would not only be a huge win for himself, but for all of music television. We’ll keep you posted if more comes of this.