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.
Founded in 2006, Pro Elite promoted its first EliteXC event in
February 2007. Under its EliteXC and ShoXC brands, it has fired off
15 events to date.
Over the last 24 months, Pro Elite has also 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.