Sean 'Diddy' Combs has his heart set on buying another cable TV channel.
The hip-hop mogul already co-owns one music cable network.
Hip-hop mogul and Revolt TV co-owner Sean “Diddy” Combs bid roughly US$200mil (RM640mil) for cable TV channel Fuse.
Combs would convert Fuse, currently owned by Madison Square Garden Co (MSG), into Revolt TV, Bloomberg reported. Revolt is backed by Comcast; Combs is one of several bidders.
Should the purchase go through, Revolt TV would gain wider distribution and higher carriage fees.
Fuse is available in about 74 million homes through pay-TV systems including DirecTV, Dish Network and Cablevision. Revolt TV, which is carried by Comcast and Time Warner Cable, reaches about 22.8 million homes.
“As of right now we’re just focused on building Revolt as the number one name in music,” a Revolt TV spokesperson told TheWrap.
“As we have stated, we are exploring strategic alternatives for Fuse, and will have no further comment during what is still an ongoing process,” an MSG spokesperson said in an e-mail.
After several parties expressed interest in purchasing Fuse, MSG hired JPMorgan Chase & Co to explore a sale, Bloomberg reported in September. The same month, Credit Suisse analyst Michael Senno estimated that Fuse would receive bids between US$200mil and US$250mil (RM800mil). — Reuters