164MPH is the best of: Randy Couture | Matt Hamill | UFC | PRIDE | MMA | Anderson Silva | Ultimate Fighter | Rich Franklin | Sean Sherk | Tito Ortiz | 50 Cent | 164mph | Babes | Combat Sports | Angelina Jolie | WWE SmackDown | Best of MMA | WWE | Hulk Hogan | Best of WWE | and more... (What is 164mph?)
Showtime Networks is making moves, including filing with the SEC(Securities and Exchange Commision), to begin formal negotiations aimed at acquiring ProElite Inc, the parent company for EliteXC, King of the Cage, Cage Rage and ICON Sports.
The only surprise is who’s looking to buy ProElite, as most MMA insiders assumed that a major infusion of cash was required in order to make the company(which has lost in excess of $55 million in 2 years) profitable. CBS Corp owns Showtime, and already owns a reported 20 % of Pro Elite.
Initially ProElite Inc was looking for an infusion of cash around the $3 million mark, but in the end a deal was struck with Showtime, where Showtime would “lend” the company $1 million.
Here’s the filing quote:
“The Company no longer believes that a successful closing of the $3.5 million secured debt (with a funded amount of $3.0 million) will occur. “Although the Company has received $1 million pursuant to the Note, such funds are less than the $3.0 million needed to avoid the consequences described in the preceding paragraph and in the Company’s prior reports filed with the Securities and Exchange Commission. The $1 million funding defers such consequences only for a brief period of time while the Company continues to evaluate its options on how to respond to its severe liquidity problem.”
Showtime failed to return any calls, but look for an official statement soon. Showtime Networks is making moves, including filing with the SEC(Securities and Exchange Commision), to begin formal negotiations aimed at acquiring ProElite Inc, the parent company for EliteXC, King of the Cage, Cage Rage and ICON Sports. The only surprise is who’s looking to buy ProElite, as most MMA insiders assumed that a major infusion [...]
| 1 | MMAmania.com |
| 2 | MMAjunkie.com |
| 3 | Cage Potato |
| 4 | The MMA News
Member of the Boxxet Network |
| 5 | MMA on Tap |
| 6 | Figure Four Weekly ... |
| 7 | Total MMA |
| 8 | groundnpound.org |
| 9 | vancouversun.com |
| 10 | 411mania.com |
| 11 | MMA Madness |
| 12 | Cage Today |
| 13 | Cage Warriors |
| 14 | Fight Ticker |
| 15 | pitchengine.com |
April 22, 2008 - The guys were back on track today after having technical problems yesterday. Joker Guymon stopped by and talked about his big win at KOTC last saturday. TAGG also recapped UFC 83 and discussed the fallout from the show.
Sat, Sep 20 | from TAGG Radio