NUVOtv Parent Company SiTV Media to Acquire Fuse Network From The Madison
Square Garden Company
Deal Significantly Expands Business Opportunities With Addition of Premier
NEW YORK, April 4, 2014 (GLOBE NEWSWIRE) -- NUVOtv parent company SiTV Media,
Inc. and The Madison Square Garden Company (Nasdaq:MSG) have reached an
agreement for SiTV Media to acquire the Fuse network from MSG. This was
jointly announced today by Michael Schwimmer, CEO of SiTV Media and its NUVOtv
network, and Tad Smith, President and CEO of The Madison Square Garden
As a national network dedicated to music, Fuse reaches 73 million Nielsen
subscribers nationwide and features original series and specials, exclusive
interviews, live concerts and video blocks – all rooted in the music
experience.NUVOtv is the premier English-language destination for Latino
entertainment, embodying the vibrancy and richness of modern Latino culture.
The networks will continue to operate independently.
"The acquisition of Fuse represents a transformational event for us and also
providessignificant benefits to NUVOtv," Mr. Schwimmer stated."It enhances
our distribution relationships, dramatically expands our aggregate subscriber
base, provides substantial economies of scale, affords unique opportunities
for programming and cross-promotion andshould be extremely appealing to the
advertising community as we roll out our plans for both NUVOtv and Fuse."
"We are pleased that Fuse has joined the SiTV Media family, and are looking
forward to the continued success of the network," said Mr. Smith.
International superstar and powerhouse entrepreneur, Jennifer Lopez – who
serves as NUVOtv's Chief Creative Officer and is a shareholder - said, "Music
is my first love so the acquisition of Fuse is near and dear to my heart.It's
exciting that between NUVOtv and Fuse we'll have the ability to deliver a
broad array of terrific content both from a Latino perspective and across
multiple genres, including music, to a broader audience.The acquisition of
Fuse means we now own two wonderful assets.It's a phenomenal time for our
company and we look forward to growing both networks in the years ahead."
NUVOtv is the premier network for Latino entertainment and offers a diverse
array of high-quality programming across genres.NUVOtv's new 2014 line-up
includes original programming co-executive produced by Jennifer Lopez under
her Nuyorican Productions banner: a weekly music program The Collective,
Powered by Vevo; and quarterly film showcase Nu Point of View: The Emerging
Latino Filmmakers. Mario Lopez is an executive producer of two original shows
for the network: celebrity interview show Mario One-On-One and the upcoming
romantic dating competition Love and Salsa (premiering May 6).The network
will introduce its first sports programming with the reality boxing
competition Knockout, (premiering April 9) and continue its strong comedy
lineup with Stand Up & Deliver: Cabo San Lucas later in 2014. In addition,
NUVOtv is the exclusive basic cable home for Dexter.
As part of the acquisition, NUVOtv also plans to utilize Fuse's current street
front studio on Seventh Avenue - across from Madison Square Garden - to
continue to create dynamic content.
Fuse, which became a part of MSG in 2008, has remained dedicated to bringing
artists and fans together through its music programming, which includes music
news and information, coverage of premier artists, events and festivals,
original content and concerts.Highlights from Fuse's line up of original
programming include live studio shows, as well as Funny or Die's Billy on the
Street, a music and pop culture trivia show starring Billy Eichner; and Big
Freedia: Queen of Bounce, which follows "Bounce" pioneer Big Freedia.
Additionally, Fuse covers live concerts and events, and boasts comprehensive
coverage of major music festivals throughout the country.
Under the terms of the transaction, MSG will receive $226 million, as well as
15 percent equity of the combined company, which will be subject to potential
reduction based on certain performance goals. MSG will also gain a seat on the
SiTV Media Board of Directors. The completion of this transaction, which is
subject to Hart-Scott-Rodino clearance and other closing conditions, is
expected to occur in MSG's fiscal 2015 first quarter between July 1 and
For SiTV Media, LionTree Advisors LLC and Jefferies LLC served as financial
advisors and Greenberg Traurig LLP and Goodwin Proctor LLP served as counsel,
while for MSG, J.P. Morgan served as financial advisor and Sullivan & Cromwell
LLP served as counsel. Financing commitments for the transaction were provided
by Jefferies Finance LLC.
NUVOtv (www.myNUVOtv.com) is the premier English-language destination for
Latino entertainment, embodying the vibrancy and richness of modern Latino
culture. Providing original entertainment and lifestyle programming, NUVOtv is
available in more than 32 million homes nationwide with major distribution
partners: AT&T U-verse, Comcast, Cox, Dish Network, Time Warner Cable and
Verizon FIOS. The principal financial shareholders in NUVOtv are Columbia
Capital and Rho Capital Partners. The network is widely available in all top
Hispanic DMAs and most major U.S. markets including Los Angeles, San
Francisco, Miami, Chicago and New York.
About The Madison Square Garden Company
The Madison Square Garden Company is a fully integrated sports, media and
entertainment business. The Company is comprised of three business segments:
MSG Sports, MSG Media and MSG Entertainment, which are strategically aligned
to work together to drive the Company's overall business, which is built on a
foundation of iconic venues and compelling content that the Company creates,
produces, presents and/or distributes through its programming networks and
other media assets. MSG Sports owns and operates the following sports
franchises: the New York Knicks (NBA), the New York Rangers (NHL), the New
York Liberty (WNBA), and the Hartford Wolf Pack (AHL). MSG Sports also
features the presentation of a wide variety of live sporting events including
professional boxing, college basketball, bull riding and tennis. MSG Media is
a leader in production and content development for multiple distribution
platforms, including content originating from the Company's venues. MSG
Media's television networks consist of regional sports networks, MSG Network
and MSG+, collectively referred to as MSG Networks. MSG Networks also include
high-definition channels, MSG HD and MSG+ HD. MSG Entertainment is one of the
country's leaders in live entertainment. MSG Entertainment creates, produces
and/or presents a variety of live productions, including the Radio City
Christmas Spectacular featuring the Radio City Rockettes.MSG Entertainment
also presents or hosts other live entertainment events such as concerts,
family shows and special events in the Company's diverse collection of venues.
These venues consist of Madison Square Garden, The Theater at Madison Square
Garden, Radio City Music Hall, the Beacon Theatre, the Forum in Inglewood, CA,
The Chicago Theatre, and the Wang Theatre in Boston, MA. More information is
available at www.themadisonsquaregardencompany.com.
The Madison Square Garden Company logo is available at
The NUVOtv logo is available at
CONTACT: Don Ciaramella
The Lippin Group for NUVOtv
The Madison Square Garden Company
The Madison Square Garden Company logo
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