Diddy Claims Madison Square Garden “Used Him Like A Pawn” In Fuse TV Deal
Diddy–excuse us–Sean Combs (when it comes to business transactions) got rubbed out of the deal to obtain Fuse TV by his ex-girlfriend Jennifer Lopez’s NuvoTV and he’s claiming his strings were being pulled to make it all happen.
“[I was] used as a pawn,” he told a at a panel at The Cable Show in Los Angeles, yesterday, May 1. The multi-millionaire mogul alleges that Fuse owner Madison Square Garden used his initial interest in purchasing their failing network to jack up the bidding price, which eventually sold for $226M.
“It’s cool. That’s the way business works,” he continued, knowing all too well about the ends and outs of said business.
Still, Combs is optimistic, promising to make Revolt “the No. 1 brand in music worldwide” — potentially rivaling ESPN and CNN — as he urged distributors to pick up the channel. Television ”was a natural evolution for me,” especially as he saw that “music was homeless” on the medium. That “left a wide open space for the No. 1 form of entertainment, especially among Millennials.”
Combs forecast that in five years Revolt could be available on more than 1B devices as young viewers adopt new technologies. Revolt CEO Keith Clinkscales told attendees that it’s important for them to engage with young viewers who frequently prefer to watch video from digital or over the air sources. “They aren’t cord cutters,” he says. “They’re people who choose not to use cable.”
In other business casuality news, Fuse is laying off plenty employees in preparation for the merger.
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