Goodwin Procter recently advised SiTV Media, Inc., parent company of NUVOtv, in its announced acquisition of Fuse network from The Madison Square Garden Company (MSG). According to the terms of the transaction, MSG will receive $226 million in cash, as well as a 15% equity stake in the combined company, subject to performance goals. The transaction, expected to close in MSG’s fiscal first quarter in 2015, is subject to regulatory approval. Additional terms of the transaction were not disclosed.
NUVOtv, owned by parent company SiTV Media, is an English-language destination for Latino entertainment and lifestyle programming. It is available in 32 million homes in the United States, including most major U.S. markets. Jennifer Lopez, the international musician and entrepreneur, serves as the company’s Chief Creative Officer. NUVOtv has offices in Glendale, Calif. and New York, N.Y.
Fuse, a national network dedicated to music, reaches 73 million Nielsen subscribers in the United States. The network features original series, exclusive interviews and live concerts. The company became part of MSG in 2008 and is based in New York, N.Y.
The Goodwin team advising on the deal was led by partners Mike Kendall, Jennifer Bralower and James Barri.
Media coverage of the transaction included articles in Bloomberg, Reuters, and The Deal Pipeline. For more information, please read the companies’ joint press release.