Madison Square Garden Co. said it has put its low-rated music channel Fuse on the block.
"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," MSG said in a statement. "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."
Analyst Michael Senno of Credit Suisse estimated that Fuse could carry a price tag of between $200 million and $300 million.
"Despite increased programming investments, we do not view Fuse as a strategic media asset given MSG Media's RSN portfolio, and the company's overall focus on sports content and live events," Senno said.
Fuse ranked No. 86 among 100 ad supported cable networks in terms of viewership among young adults age 18 to 34 in the second quarter. Its viewership was up 25% in the quarter from a year ago.
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