Business Over Boys! J.Lo Beats Out Diddy In Business

Jennifer Lopez, affectionately referred to as J.Lo, continues to build her business empire. According to Bloomberg, she’s beat out her former boyfriend, Sean ‘Diddy’ Combs, winning their battle over Fuse TV.
Reportedly, NuvoTV, backed by J. Lo, has reached an agreement to buy Fuse TV from Madison Square Garden Co. The pop star outbid Diddy, offering more than $200 million of cash and equity in NuvoTV, an English-language channel marketed to Latinos.
According to reports, the deal will be announced at some point on Friday. NuvoTV will use Fuse to expand its audience. Los Angeles-based NuvoTV reaches about 34 million households, less than half of Fuse TV’s 74 million. Time Warner Cable Inc. and DirecTV (DTV) have been dropping low-rated channels to focus on the most popular ones.

As most of you know, Diddy and J.Lo once dated, but have since moved on in the love department. Diddy also sought to buy Fuse for its distribution. Last month, his Revolt music-focused network bid about $200 million.

Lopez, who holds a minority stake in NuvoTV, is the chief creative officer there and contributes programming through her Nuyorican Productions. The 44-year-old singer, actress and “American Idol” judge also advises the network on strategy and marketing.

back view-j.lo-jennifer lopez-MET gala 2013-the jasmine brand

NuvoTV raised $40 million in 2012 from Columbia Capital LLC, Rho Capital Partners Inc., Veronis Suhler Stevenson LLC and Tennenbaum Capital Partners LLC. LionTree Advisors LLC advised NuvoTV on the Fuse TV deal. Jefferies Group LLC provided advice and financing.

J-Lo got her start as a dancer on “In Living Color” in the early 1990s. She went on to sell 70 million records, and has business dealings in perfume, jewelry and clothing lines, among other businesses. Her company produces “The Fosters,” an ABC Family series about a lesbian couple raising biological and foster children.

Anywho, congrats to J.Lo! [Bloomberg]

Follow me: @theJasmineBRAND on Twitter | theJasmineBRAND on Facebook | theJasmineBRAND on Instagram