Wednesday, August 26, 2009

World Poker Tour to sell after 'superior offer' from PartyGaming - BizJournals - 25th August 2009

World Poker Tour - WPT Enterprises Inc is to be purchased by igaming and gaming powerhouse, PartyGaming. The story has attracted significant national and international media and gaming media interest. BizJournals report:

WPT Enterprises Inc., parent company of the World Poker Tour, is moving forward with a deal to sell its assets, but, will instead sell to Peerless Media Ltd., a division of PartyGaming plc.

Peerless Media will pay Long Angeles-based WPTE $12.3 million and will pay WPTE an ongoing 5 percent participation in gaming and other revenue generated by the assets, which include WPTE's television library, intellectual property rights, brand names, trade names, certain assumed contracts and tangible personal property.

WPTE will retain 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.

The World Poker Tour will have its first televised tournament from the Dayton/Cincinnati region next spring when it has a $10,000 buy-in tournament from Hollywood Casino in just across the state line in Lawrenceburg, Ind.

The acquisition deal, announced Tuesday, kills off a previously announced bid of $9.075 million from Gamynia Ltd.

"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," Steve Lipscomb, president and chief executive officer of WPTE, said in a statement.

Both the PartyGaming and Gamynia bids are far cries from Doyle Brunson's $700 million bid for the company in 2005. Brunson's bid was eventually investigated by the U.S. Securities and Exchange Commission. (Credit: BizJournals)

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