Party acquires WPT Enterprises
Online gambling giant PartyGaming has completed the acquisition of substantially all of the assets of WPT Enterprises for US$12.3 million in cash and an additional minimum aggregate payment of $3 million over the next three years under the terms of an ongoing revenue-sharing agreement.
The deal includes The World Poker Tour brand, rights to a number of land-based events in the United States and Europe and all other intellectual property rights associated with the World Poker Tour, a library of poker programming that is broadcast worldwide and a subscription offering called ClubWPT, which claims 16,500 paying members in the United States.
“We are excited about the opportunities that WPT, a proven marketing channel, will create for PartyGaming, particularly if the U.S. regulates and licenses online gaming,” said Jim Ryan, CEO of Gibraltar-based, UK-listed PartyGaming.
“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,” said WPTE founder Steve Lipscomb. “Combining two of the pioneers and leaders in the poker and online gaming markets will create a strong vehicle for the WPT brand to continue its global expansion.”