Fuse TV on the block: MSG hires JPMorgan

The Madison Square Garden Co. has tapped JPMorgan Chase to help explore selling the Fuse cable television channel.

According to a report by the New York Post, MSG (NYSE: MSG) said possible suitors have inquired about the music network’s availability, but did not elaborate beyond confirming JPMorgan’s (NYSE: JPM) involvement. The NY Post noted that Fuse has struggled to compete with online music providers, and speculated that one of them, Vevo, might have interest in purchasing it.

One idea being floated by outsiders is merging Fuse with AXS-TV, a live entertainment network backed by Mark Cuban, AEG, “American Idol” host Ryan Seacrest and Hollywood talent agency CAA.

Bloomberg added that while Fuse is far less profitable than the sports-oriented properties in MSG’s stable — it commands only about 6 cents per month, per customer, from cable and satellite providers — one expert estimated it could sell for as much as $400 million.