Sharing Links
Recent Articles
- Lingerie Bowl IX at the Orleans Arena Sunday
- Mayweather to fight Cotto, not Pacquiao, May 5th
- MGM Lion Habitat closes for good
- Aces of Comedy opens Friday at The Mirage
- Vegas oddsmakers sweating bullets, rooting for the Patriots in Super Bowl XLVI
- Time to get in shape - Vegas pool season announced at Mandalay Bay
- President Obama will visit Las Vegas next week
- Vegas adds another Restaurant Week
- UNLV basketball once again a big draw in Vegas
- CES opens tomorrow, but anticipation builds today
PartyGaming to buy World Poker Tour
- 8-25-2009
WPT Enterprises, Inc., owner of the World Poker Tour has informed that a subsidiary of PartyGaming
Plc, Peerless Media Ltd. ("Peerless Media"), has agreed to purchase
substantially all of WPTE's operating assets, investments and certain
excluded assets. According to a press release, WPTE's previous
acquisition agreement with Gamynia Limited was terminated after further
consideration of the Peerless' new proposal.
Peerless Media will pay WPTE $12.3 million, about $3 million more than the amount offered by Gamynia and will pay WPTE an ongoing 5% participation in gaming and other revenues generated by the assets. Certain payments made by PartyGaming or its affiliates to the Company prior to the close shall be credited on the purchase price paid at the close.
Peerless will acquire WPTE's television library, including all related intellectual property rights, brand names, trade names, certain assumed contracts and tangible personal property. WPTE will keep all its cash and cash equivalents, investments in debt securities and put rights, certain other investment and litigation assets, and future license revenues from certain existing Sponsorship deals for Season Seven of the World Poker Tour.
"PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future. The Board of Directors has determined that PartyGaming's acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming."said Steve Lipscomb, President and CEO of WPT Enterprises.
WPTE does not intend to distribute any proceeds from the asset sale to its stockholders, instead, all proceeds from the sale will be retained by WPTE, which plans to use the cash to develop or invest in non-poker related businesses.
Peerless Media will pay WPTE $12.3 million, about $3 million more than the amount offered by Gamynia and will pay WPTE an ongoing 5% participation in gaming and other revenues generated by the assets. Certain payments made by PartyGaming or its affiliates to the Company prior to the close shall be credited on the purchase price paid at the close.
Peerless will acquire WPTE's television library, including all related intellectual property rights, brand names, trade names, certain assumed contracts and tangible personal property. WPTE will keep all its cash and cash equivalents, investments in debt securities and put rights, certain other investment and litigation assets, and future license revenues from certain existing Sponsorship deals for Season Seven of the World Poker Tour.
"PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future. The Board of Directors has determined that PartyGaming's acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming."said Steve Lipscomb, President and CEO of WPT Enterprises.
WPTE does not intend to distribute any proceeds from the asset sale to its stockholders, instead, all proceeds from the sale will be retained by WPTE, which plans to use the cash to develop or invest in non-poker related businesses.