According to The Hollywood Reporter, NuvoTV has reached an agreement with the Madison Square Garden Company, Fuse's owner, in a deal that is valued at more than $200 million. Lopez is a minority owner and serves as the network's chief creative offer.
Michael Schwimmer, chief executive officer of NuvoTV, said in a statement, "[The deal] enhances our distribution relationships, dramatically expands our aggregate subscriber base, provides substantial economies of scale, affords unique opportunities for programming and cross-promotion and should be extremely appealing to the advertising community."
Earlier this year, Combs put in a $200 million bid to obtain Fuse in hopes to bolster his own Revolt TV which made its debut in October as a music-centric digital cable network. While it's likely the race to lock down Fuse TV was nothing more than two business minds looking to score a sweet deal, you can't help but wonder about the motives behind the friendly competition.
"I don't think it's a coincidence" said Lopez's manager Benny Medina in a recent interview.
"In many ways, Jennifer and Sean are cut from the same cloth. They're both passionate artists of the same generation who think on a grand and global scale. They were two superstars seeking to build their brand, who happened to be Jennifer and Puffy."
(Photos: Michael Becker/ FOX via Getty Images; Michael Loccisano/Getty Images for SXSW)