Back on October 29, 2009 we mentioned a rumor on All Things D about News Corp. selling off Fuel TV to finance an approximately $800 million purchase of the Travel Channel from Discovery. Now, it appears that it is more than a rumor according to a story on Sports Business Journal.
Fox Cable Networks is in advanced discussions on a deal that would sell its action sports channel Fuel TV to Viacom, according to several sources with direct knowledge of the talks. . . The sale was expected to close late last year, but the parties are still negotiating an agreement. Talks began last year when the companies discussed entering a joint venture around Fuel TV, but subsequent discussions led the parties to negotiations on a complete sale of the channel. Sources say Viacom will pay a sum in the low to mid-nine figures to secure the channel.
Great. If this goes through maybe MTV will finally add Parkour to the Fuel TV mix.
[Link: Sports Business Journal, Business Insider, Hollywood Reporter, Media Wire Daily, Radio Business Report]
Can’t wait for MTV execs to F@ck this one up!
If this is a step for FuelTV to show in Canada then I’m stoked!
MTV isn’t running the operation – their parent company Viacom is. Even so, MTV’s already got good content under its belt (e.g. Rob & Big and Nitro Circus). Merging with Viacom isn’t necessarily a shot in the dark for Fuel. What’s good about this purchase is that Viacom has way more money than Fox for programming and content. A major downside…possibly moving FuelTV to NY.
http://www.latimes.com/business/la-fi-ct-facetime-20100707,0,4740317.story
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