Showtime To Bid On Takeover Of Pro Elite

Typically when a corporation owns a percentage and it underperforms over a period of time, they will do one of two things: pour more resources into the failing company or sell their share of the company.  We have a case of the former here as Fightline.com reports that Showtime Networks has publicly filed notice to the Securities and Exchange Commission (SEC) that they intend to enter discussions to purchase the MMA promotion Pro Elite.

Showtime currently owns a 20% stake of ProElite but with today’s filing, it appears that they want a majority stake in the promotion; during its 2 years in existence, Pro Elite has lost somewhere in the neighborhood of $55 million as their financial bottom line continues to deteriorate.  In addition to EliteXC, Pro Elite also owns Icon Sport, King of the Cage, Cage Rage and several other MMA promotions.

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