News: Diddy Takes That Checkbook, Puts Up Huge $200 Mil Bid For Popular TV Network
Monday, Mar 10, 2014 9:12PM
Bad Boy Records CEO Diddy is making headlines this week as reports claim he has put up $200 million for popular music-basd television network Fuse TV.
Details of Puff Daddy's hefty bid have started to scatter across the Internet.
Sean Combs wants to light a fuse under his new cable network Revolt. The hip-hop mogul is said to have made a bid to buy Fuse, a music channel owned by Madison Square Garden Co. The bid comes after Combs launched his own music cable network Revolt TV last year. If Combs is successful in his efforts to acquire Fuse, he would most likely replace it with Revolt. Fuse is in over 70 million homes, while Revolt, which only launched last fall, is in a fraction of that. The rap star offered $200 million for Fuse, according to Bloomberg News. That is far less than the more than $300 million that New York-based MSG sought when it put the music cable channel up for a possible sale last year, a former Fuse executive said. (Los Angeles Times)
Reports also claim Puff tried to get his hands on Fuse in recent years.
This is not the first time Combs has made a run at Fuse. He was part of a group of potential buyers that made an offer a few years ago, the former Fuse staffer said. A representative for Revolt TV declined to comment. An MSG spokesman said, "as we have stated, we are exploring strategic alternatives for Fuse, and will have no further comment during what is still an ongoing process." (Los Angeles Times)
Geared toward all-music everything, Diddy recently said he wanted to take a gradual pace at growing the Revolt brand.
"In the first 24 months we want you to turn on the channel from whatever device or site -- Instagram, Twitter, Tumblr -- and get the best music the world has to offer and real-time news and interviews. I am a marathon runner. I ran the New York City marathon and almost died. I tried to run like a two-minute mile early on in the race. I was crazy enough to think I could win. After seven miles I thought I would die, but I slowed down my pace and kept going. The first couple of miles with Revolt we want to run at a nice pace. The programming will be music, music, music. In 20 years we haven't had the right kind of curated music done in the right way. It will be news shows where we ask the tough questions that when artists are on they know they have made it. It could be festivals or sponsoring a nightclub event. When you turn to this network I want you to know you will see music content and high journalistic standards." (Ad Age)
Puff also said he believed Revolt TV could blow up to the point of being a renowned network like ESPN or even Fox News.
"We aspire to be the ESPN, CNN of music, Fox News if you are a Republican -- we want to be taken seriously. We want people to have fun, but want them to take us seriously. ESPN has different genres of sports -- football, basketball, track and field, the major league World Series and the little league World Series; they ask the hard questions; they give you quick clips with things like the top 10 plays of the day; news that's thought provoking and evocative. We want to be the ESPN of music." (Ad Age)