In a press release last week, WPT Enterprises, Inc. announced Peerless Media, Inc., a subsidiary of Partygaming, will be buying all assets other than cash from WPT (World Poker Tour). Peerless Media has agreed to pay $12.3 million dollars and five percent of future gaming revenues to WPT.
Under this agreement, WPT will turn over their television library, including all intellectual property rights, certain assumed contracts, tangible personal property, trade names and brand names to Partygaming. WPT will retain its cash, certain investments and future license revenues from their Season Seven sponsorship deal with PokerStars.
Though many shareholders are not happy about the deal and must approve the sale for it to be completed, many of the investors have already agreed to vote for the sale.
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