WPT Enterprises purchased by Peerless Media

WPT Enterprises Inc., the mother ship of the World Poker Tour released a press release this past Monday which read that WPT Enterprises Inc. is now the property of Peerless Media, Ltd. The Peerless Media Ltd is a subsidiary of PartyGaming.

WPTE shareholders approved the deal for Peerless Media to purchase WPT Enterprises. The company is worth over $12 million in cash and according to the deal the WPTE will receive five percent of future revenues, gaming or otherwise, generated by the franchise.

Several other companies approached WPT Enterprises with deals but the only one accepted was the one from Peerless Media. Mandalay Media came to them with a package deal of $36 million which was a counter offer to a proposal which included $28 million in cash, $5 million in Mandalay stock and some future revenues. However WPTE officials decided that this deal was not a ‘Superior Proposal’ and declined.