Sean Combs reportedly bid $200 million for Fuse TV
Sean Combs (known as Puff Daddy, Diddy, P. Diddy, Puffy) is a famous hip-hop artist that has reportedly bid $200 million for the Fuse TV network. Combs has invested in fashion, liquor, and media businesses to increase his net worth. This includes the cable-music channel Revolt TV. Combs would convert Fuse into Revolt TV.
Fuse is owned by Madison Square Garden Co. (MSG) and has backing from Comcast Corporation. Combs is one out of several bidders for Fuse. Revolt TV would gain a wider distribution and higher subscriber fees. Fuse is currently available in 74 million homes through pay-TV systems such as DirecTV, Dish Network, and Cablevision.
Revolt TV reaches around 22.8 million homes and is distributed by Comcast and Time Warner Cable. MSG hired JPMorgan Chase & Co. to explore a sale in Fuse, according to Bloomberg.