The Madison Square Garden, Co. is shopping its Fuse cable music channel and has hired J.P. Morgan Chase to explore the market,
A statement from MSG obtined by Billboard.biz said the following: “Fuse is a unique and valuable asset with 73 million Nielsen subscribers and an expanding line up of original programming that targets a highly desirable demographic. We have been approached by certain parties expressing interest in Fuse and have retained JP Morgan 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 $300-400 million, according to Macquaire Group analyst Amy Young. Fuse, which serves the 18-34 year old demographic, competes with networks such as Viacom Inc. (VIAB)’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 of Azoff MSG Entertainment, a jointly owned company in a $300 million deal that will expand on 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.
Shares of Madison Square Garden, according to Bloomberg, today rose 1.6 percent The stock has gained 26 percent this year.