Entertainer Jennifer Lopez is known for her work as a singer and actress. Lopez is also getting noticed for her behind the scenes business savvy. Lopez is the chief creative officer for Glendale-based company, NUVOtv, which announced last Friday it will buy music-oriented Fuse network for $226 million.
NUVOtv, an English language network aimed at Latinos, is seen in 23 million households. The purchase of Fuse will increase that number to 96 million households across the country, according to CNN Money. Not just the face of NUVOtv, Lopez is a shareholder as well.
“The acquisition of Fuse represents a transformational event for us and also provides significant benefits to NUVOtv,” Michael Schwimmer, NUVOtv and siTV Media CEO, explained in a statement. “It 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 as we roll out our plans for both NUVOtv and Fuse.”
JLo added in the statement: “Music is my first love so the acquisition of Fuse is near and dear to my heart.” The superstar’s company reportedly beat out her ex-beau, Sean “P.Diddy” Combs, for Fuse. Combs is a partner in Revolt, a new music cable network.
NUVOtv is buying Fuse from The Madison Square Garden Company the New York based sports and entertainment firm.