NUVOtv completes Fuse acquisition
Hispanic-focused NUVOtv's parent company, SíTV Media Inc, has completed its acquisition of the Fuse network from The Madison Square Garden Company.
Fuse reaches 73 million homes, targeting a young, millennial audience with music and music-themed programming.
"We are pleased with the overwhelmingly positive response by the financial community and other stakeholders to this transaction. It is confirmation of the value we recognised in Fuse and our growth plans," said Michael Schwimmer, CEO of SiTV Media and the NUVOtv network.
Under the terms of the transaction, SíTV Media agreed to purchase Fuse for $226 million. In addition, MSG received 15% equity of the combined company, which is subject to potential reduction based on certain performance goals.