It is definitely safe to say that Diddy is a jack of all trades. With a successful record label and clothing line already under his belt, Diddy has assisted with the skyrocketing success of Ciroc vodka and he took over cable television with the launch of Revolt TV this past fall. And it looks like he's ready to branch out to other cable networks.
It has been reported that Diddy offered to acquire cable TV network Fuse from Madison Square Garden for around $200 million.
Bloomberg News says that Diddy has plans to convert Fuse into Revolt.
Sources say that with the purchase of Fuse and the expansion of Diddy's cable network, Revolt TV would gain wider distribution and higher subscriber fees.
SNL Kagan puts Fuse's distribution at about 74 million homes, compared to less than 23 million for Revolt TV.
Revolt TV is currently backed by NBC Universal owner Comcast.
It is believed that Diddy is among several bidders for Fuse. Bloomberg reports that MSG has been seeking about $400 million for Fuse.
Reports show that MSG launched a sales process for Fuse back in September by hiring JPMorgan Chase as its banker.
No word on who the other bidders are. Diddy's representative declined to comment on the report and a spokesperson for MSG didn't offer up much information either.
MSG's spokesperson said the company is "exploring strategic alternatives" for Fuse, but declined to further comment on "an ongoing process."
Stay tuned.
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