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post #1 of 4 (permalink) Old 09-18-2008, 07:11 PM Thread Starter
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Showtime Buying EliteXC?

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Showtime Buying EliteXC?
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MMA Convert has the scoop, and it ain't pretty:
We all know how serious of financial trouble ProElite is in. They’re $55 million in the hole and according to their last SEC filing, they need $3.5 million in financing in the near future to stay afloat. Considering how screwed up our economy is right now, it would seem like a miracle that anybody would be investing anymore money into the fledgling promotion.
Well, according to ProElite’s latest SEC filings, it looks like Showtime has stepped up to the plate once again by investing $1 million into ProElite, far short of the $3.5 million needed. There’s a catch too. Should ProElite fail to repay the loan including interest by June 18, 2009, Showtime will have “first priority interest on the assets of the Company.”
Zack Arnold says:
In other words, the financial end game is very near here for Elite XC. Will Showtime/CBS pull the trigger and purchase the assets of Pro Elite if the company financially fails soon? If CBS network executives do buy the assets and run their own MMA organization, it will be fascinating to see who they hire and who they would keep on-board to run the operations.
During the Japanese MMA boom period a few years ago, it was the TV network executives and chief producers (think: Kunio Kiyohara of Fuji TV) who controlled a lot of the shots for PRIDE & K-1’s matchmaking. How would the landscape look with an American TV executive calling the shots in terms of booking?
There have already been ugly (and since denied) rumors about CBS attempting to force Gina Carano to fight on their July card but I can only imagine the kind of freak shows we'll see if CBS gets complete control. Kimbo Slice vs Ken Shamrock could be just the beginning....wonder if Giant Silva is available?

UPDATE: Loretta Hunt at Sherdog has this:
Showtime Networks filed public notice with the U.S. Securities and Exchange Commission Thursday announcing its intention to enter preliminary negotiations for the purchase of Pro Elite Inc.
Showtime, a subsidiary of the parent conglomerate CBS Corporation, already enjoys broadcasting deals with the Los Angeles-based company on both its premium cable channel and CBS. Showtime also has a 20% ownership stake in Pro Elite.
The potential acquisition could not come at a more opportune time for the fledging company, as Pro Elite faces a $55 million deficit accrued during its two years of operation.



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post #2 of 4 (permalink) Old 09-18-2008, 08:00 PM
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Showtime needs to focus on movies god damn! All they have right now is Shooter, and that was meh. But Showtime will probably follow through with this.


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post #3 of 4 (permalink) Old 09-18-2008, 09:39 PM
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I really hope this works out.

I'd really like to see EXC's women's division stick around and continue to grow.

I also like Diaz, Lawler, Smith, Antonio Silva, Frank Shamrock, Baroni (fun to watch him lose!), Ninja Rua...

I just want them to stick around...




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post #4 of 4 (permalink) Old 09-18-2008, 10:40 PM
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Quote:
Showtime Networks filed public notice with the U.S. Securities and Exchange Commission Thursday announcing its intention to enter preliminary negotiations for the purchase of Pro Elite Inc.

Showtime, a subsidiary of the parent CBS Corporation, has broadcasting deals with the Los Angeles-based company on both its premium cable channel and CBS. Showtime also has 20% ownership in Pro Elite.

Pro-Elite has ran up $55 million in debt and there seems to be no relief insight for the struggling promotion .

Founded in 2006, Pro Elite has acquired the King of the Cage, Icon Sport, Rumble on the Rock,
and Cage Rage brands, and promoted numerous events under those names.

Chris Deblasio, Director for Sports Communication at Showtime, had no comment on the potential sale.

Pro Elite reps also had no comment on the potential purchase .

The third edition of EliteXC’s “Saturday Night Fights” will broadcast on Oct. 4 on CBS, featuring thier two crown jewels Kevin “Kimbo Slice” Ferguson vs Ken Shamrock and Gina Carano vs Kelly Kobold-Gavin.

http://www.matratz.com/







I think Showtime can pull it off. And keep it afloat.


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