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J-Lo-Backed Network Outbids 'Diddy' for Fuse

Jennifer Lopez-backed NUVOtv inked a $226 million deal on Friday to acquire Madison Square Garden's (NYSE:MSG) Fuse cable-TV network, beating out hip-hop mogul Sean "Diddy" Combs.The deal gives NUVOtv parent SiTV Media control of a network that reaches 72 million Nielsen subscribers nationwide and is available on DirecTV (NYSE:DTV), Cablevision (NYSE:CVC), Comcast (NASDAQ:CMCSA) and Time Warner Cable (NYSE:TWC).Lopez serves as NUVOtv's chief creative officer and is a shareholder in the network, which features Latino music and entertainment."Music is my first love so the acquisition of Fuse is near and dear to my heart. It's exciting that between NUVOtv and Fuse we'll have the ability to deliver a broad array of terrific content both from a Latino perspective and across multiple genres, including music, to a broader audience," Lopez said in a statement.The deal calls for MSG to receive $226 million, a seat on the SiTV Media board of directors and a 15% equity stake in the combined compa...

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