Peerless Media Agrees to Purchase World Poker Tour Enterprises

According to a Monday press release, WPT Enterprises Inc., mothership of the World Poker Tour, is now the rightful property of Peerless Media, Ltd., subsidiary of online giant PartyGaming.

In a meeting filled with nearly 70 percent of all stocks in question, WPTE shareholders overwhelmingly approved the deal, which is worth just over $12 million cash. In the future, WPTE will also receive 5 percent of future revenues, gaming or otherwise, generated by the franchise.

This deal was considered superior to multiple last second bids for the company, including a $36 million package from Mandalay Media that came in on Oct. 31. That deal, which came in as a counter offer to an Oct. 30 proposal, included $28 million cash, $5 million in Mandalay stock and some future revenues, but WPTE persons decided this "wasn't a Superior Proposal."

Back in August, Gamynia Limited struck up a deal with WPTE to acquire the struggling poker franchise for just over $9 million. It has been reported that WPTE will have to pay Gamynia $1 million for breaking their previous agreement of sale.

The World Poker Tour is smack dab in the middle of Season 8 and just left Las Vegas. Click here to see how Tommy Vedes was able to hoist the trophy at Bellagio's Festa Al Lago last week.

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