Sean Combs, the hip-hop mogul now known as Diddy, has bid about $200 million for the Fuse cable channel, according to three people with knowledge of the situation. He would convert Fuse, owned by New York-based Madison Square Garden Co., into Revolt TV, which has backing from Comcast Corp., said the people, who requested anonymity because the talks are private.
Comcast will launch four minority-owned networks on its cable TV systems in the next two years, including channels spearheaded by music mogul Sean “P. Diddy” Combs and NBA great Magic Johnson. The new channels are part of an agreement reached by Comcast with the FCC and Department of Justice when it was allowed to become majority owner of NBCUniversal.
The channel, called Revolt, will be announced by Combs today, and may start by the end of 2012. Comcas will carry Revolt on some of its cable systems, although the total number of homes is unclear. It is the latest of several challenges to MTV and BET, both owned by Viacom.