MSG Shopping Fuse Cable Channel
The company has hired JPMorgan Chase to explore the market for its music network.
The Madison Square Garden Co. is shopping its Fuse cable music channel and has hired JPMorgan Chase & Co. to explore the market,
A statement from MSG obtained by Billboard.biz said the following: "Fuse is a unique and valuable asset with 73 million Nielsen subscribers and an expanding lineup of original programming that targets a highly desirable demographic. We have been approached by certain parties expressing interest in Fuse and have retained JPMorgan to explore all strategic alternatives. We will have no further comment on the matter."
A Bloomberg news report said the channel, which reaches some 64 million households, could be worth $300 million to $400 million, according to Macquarie Group analyst Amy Yong. Fuse, which serves the 18- to 34-year-old demographic, competes with networks such as Viacom's MTV and VH1 and Mark Cuban's AXS TV.
Last week, Madison Square Garden and Irving Azoff's Azoff Music Management announced the founding jointly owned company Azoff MSG Entertainment in a $300 million deal that will expand AMM's artist representation business to include music publishing, television production, live event branding, digital marketing and the television show Streets of the City. In late July, MSG reopened the L.A. Forum.