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World Poker Tour rejects Mandalay Entertainment offer and sells assets to Party Gaming
- 11-9-2009
Online gaming operator PartyGaming, and the the World Poker Tour have announced the completion of the acquisition of the business and substantially all of the assets of WPT Enterprises Inc. ("WPTE") for $12.3 million plus an additional 5% participation in gaming and other revenues generated by the assets.ÂÂ
WPTE previously received offers from Gamynia Limited for $9.7 million plus a percentage of future incomes earned through the World Poker Tour and Professional Poker Tour brands. Last week, Mandalay Media, Inc, a company related to Twistbox and Mandalay Films, submitted a revised proposal to acquire the World Poker Tour for $36.5 million. However, both offers were rejected
"This deal brings together two of the biggest brands in online and offline poker, PartyPoker.com and World Poker Tour, that we will market internationally to build our poker business. Our plans also include using the ClubWPT subscription platform to leverage our 12 million-strong US player database via a Party-branded website and the launch of a European WPT-branded poker and casino site. We are excited about the opportunities that WPT, a proven marketing channel for the Group, will create for PartyGaming, particularly if the U.S regulates and licenses online gaming." said PartyGaming Chief Executive Officer Jim Ryan.
The assets being acquired include:
· The World Poker Tour brand, rights to a number of land-based events in the US and Europe and all other intellectual property rights associated with the World Poker Tour
· An extensive library of over 150 hours of poker programming that is broadcast in more than 150 countries
· The ClubWPT subscription poker offering that has more than 16,500 paying subscribers in 37 US states
"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. Combining two of the pioneers and leaders in the poker and online gaming markets will create a strong vehicle for the WPT brand to continue its global expansion." commented WPTE founder Steve Lipscomb.
WPTE previously received offers from Gamynia Limited for $9.7 million plus a percentage of future incomes earned through the World Poker Tour and Professional Poker Tour brands. Last week, Mandalay Media, Inc, a company related to Twistbox and Mandalay Films, submitted a revised proposal to acquire the World Poker Tour for $36.5 million. However, both offers were rejected
"This deal brings together two of the biggest brands in online and offline poker, PartyPoker.com and World Poker Tour, that we will market internationally to build our poker business. Our plans also include using the ClubWPT subscription platform to leverage our 12 million-strong US player database via a Party-branded website and the launch of a European WPT-branded poker and casino site. We are excited about the opportunities that WPT, a proven marketing channel for the Group, will create for PartyGaming, particularly if the U.S regulates and licenses online gaming." said PartyGaming Chief Executive Officer Jim Ryan.
The assets being acquired include:
· The World Poker Tour brand, rights to a number of land-based events in the US and Europe and all other intellectual property rights associated with the World Poker Tour
· An extensive library of over 150 hours of poker programming that is broadcast in more than 150 countries
· The ClubWPT subscription poker offering that has more than 16,500 paying subscribers in 37 US states
"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. Combining two of the pioneers and leaders in the poker and online gaming markets will create a strong vehicle for the WPT brand to continue its global expansion." commented WPTE founder Steve Lipscomb.