PartyGaming Finalizes WPT Acquisition
November 12, 2009 (CAP Newswire) — Finalizing a months-long acquisition process, PartyGaming this week confirmed that it now owns the World Poker Tour brand and other related WPT assets. A last-minute attempt by a Los Angeles-based media company to stop the deal was averted, reports the UK Telegraph.
“Mandalay made an indicative $36.5m proposal for the whole of WPT Enterprises – but it was rejected in favour of PartyGaming’s asset deal,” the Telegraph reports.
PartyGaming now has the full rights to land-based WPT poker events in the United States and in Europe, “150 hours of poker programming, and 16,500 paying players for a subscription poker offering.” There’s also a revenue-sharing deal that will see PartyGaming paying at least $3 million more over three years.
Expect this to give the PartyGaming brand a lot more reach, and access to many more customers. The WPT is very popular in the United States, making this a possible huge step in PartyGaming's strategy to prepare itself for the opening of the U.S. market.