Jennifer Lopez and Diddy have a well documented romantic history, but most people in the entertainment industry would consider Combs the bigger business person. However, today J. Lo got the best of Diddy by leading a group that outbid him for cable network Fuse TV. As reported by billboard.com:
“Jennifer Lopez has bested her ex-boyfriend Sean “Puffy” Combs in the contest to acquire cable music channel Fuse TV, say sources familiar with the situation.”
“NuvoTV, the English-language cable channel where Lopez is a minority owner and serves as the network’s chief creative offer, has reached an agreement with Fuse owner, the Madison Square Garden Company. “Things are in that 99.9 percentile,” says a source familiar with the negotiations, which began when NuvoTV reportedly offered cash and equity valued at more than $200 million.”
Diddy was hoping to acquire Fuse TV to add to his newest venture, music channel Revolt TV which he co-owns with Comcast. So it must sting a bit that he lost the bid to a former girlfriend’s company. As also reported by billboard.com:
“[When an industry source] was asked if Lopez and Combs’ competing bids for Fuse was a coincidence or a residual effect of their two-year affair that began in 1999– Combs once likened his tumultuous relationship with Lopez to Frank Sinatra and Ava Gardner’s romance – Medina replied, “I don’t think it’s a coincidence,” but added that it had nothing to do with their past history.
“In many ways, Jennifer and Sean are cut from the same cloth,” J Lo’s manager Benny Medina said. 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.”
For now, Diddy will have to chalk up this deal as a loss and continue to grow Revolt TV without the acquisition of Fuse.