SiTV Media To Buy Fuse Network From Madison Square Garden - Quick Facts

(RTTNews) - NUVOtv parent company SiTV Media Inc. and The Madison Square Garden Co. (MSG) announced that they have reached an agreement for SiTV Media to acquire the Fuse network from MSG.

As per 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 is expected to occur in MSG's fiscal 2015 first quarter between July 1 and September 30. It is subject to Hart-Scott-Rodino clearance and other closing conditions.

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 became a part of MSG in 2008. 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.