World Poker Tour Sold to PartyGaming

WPT Enterprises, the company behind the World Poker Tour, is selling virtually all of their operating assets to Peerless Media — a subsidiary of PartyGaming. The reported deal is worth $12.3 million to WPT Enterprises in addition to 5% in future generated revenue.

Previously, WPT Enterprises was close to accepting an offer from Gamynia. However, they changed their mind to go with Peerless Media.

Said Steve Lipscomb, WPT Enterprises’ President and CEO: “PartyGaming has been an important partner for a number of years and we are confident that they will be an excellent manager of our brands in the future. The Board of Directors has determined that PartyGaming’s acquisition proposal is financially superior and we look forward to working with one of the pioneers and leaders in the poker and online gaming markets to provide a strong vehicle for the WPT brand to continue its global expansion and return to online gaming.”

In the agreement, WPT Enterprises will keep some of its assets including cash and investments. But the vast majority of their assets will are included in this Peerless Media transaction including their brand names, trade names and intellectual property rights.

World Poker Tour (Image: Flickr)