NuvoTV might have some expansion plans in mind. If a Bloomberg story published last week turns out to be true, the cable network, formerly known as SíTV, has made an offer to buy music cable channel Fuse.
According to Bloomberg, confidential sources say NuvoTV has offered cash and equity valued at more than $200 million.
Media Moves reached out to NuvoTV CEO Michael Schwimmer for confirmation of the potential deal. He referred the request to Laura Masse, EVP of Marketing, who sent an email saying “We have no comment on the article.”
In 2012, NuvoTV raised $40 million from Columbia Capital LLC, Rho Capital Partners Inc., Veronis Suhler Stevenson LLC and Tennenbaum Capital Partners LLC to expand its original entertainment programming.
Shortly after, the network signed a creative, marketing and production deal with Jennifer Lopez, which also gave her a minority stake in the company.
Buying Fuse would expand the Hispanic network’s distribution. The L.A.-based NuvoTV currently reaches about 34 million households through pay-TV systems. Acquiring Fuse would allow the network to gain distribution to 74 million homes.
NuvoTV isn’t the only interested party in Fuse. Sean “Diddy” Combs has allegedly made a bid, also for $200 million, apparently interested in converting Fuse TV into his Revolt TV cable channel in order to gain higher subscription fees and wider distribution.
