It is being reported that Showtime Networks has publicly filed notice to the SEC (Securities and Exchange Commission) that they intend to enter discussions to purchase Pro Elite.
Pro Elite is best known as being the parent company for its EliteXC MMA promotion, but the company also owns Icon Sport, King of the Cage, Cage Rage and many other MMA promotions.
Showtime has been the home of EliteXC programming since its debut back in 2007. The network is a large reason why EliteXC was able to land a television deal with CBS as CBS is the parent company of Showtime Networks.
During its two years of existence, Pro Elite has lost somewhere in the ballpark of $55 million dollars as the financial status of the company continues to worsen.
Showtime currently holds a 20% stake in Pro Elite but with today’s filing, they are looking to obtain a majority stake in the company.