Mandalay Media offers $36.5 Million for WPT
Posted In: Online Casino By: Oliver
Mandalay Media, Inc., a worldwide publisher and distributor of branded 3G mobile entertainment, has offered a staggering $36.5 million to acquire the World Poker Tour.
This huge offer makes the previous two offers for the WPT look small indeed. In August Gamynia Limited offered $9,075,000 plus a percentage of future revenue for most of the WPT Enterprises assets.
The second offer was made by Peerless Media Ltd., a subsidiary of PartyGaming which also runs PartyPoker. This offer was for $12.3 million for the WPT’s assets and 5% of future revenue.
The new offer from Mandalay Media offers a massive $36.5 million to acquire the WPT. The deal consists of $28.5 million in cash, $5 million in Mandalay Media stock and ongoing revenue participation rights, guaranteed to be a minimum of $3 million.
The new offer from Mandalay Media is also a little different in how it plans to use the WPT brand. Both the Gamynia and Peerless Media offers planned to push the WPT brand into the realm of online gaming more. The Mandalay Media offer, however, plans to move the WPT brand into mobile and internet prizes game play until the USA online gambling legal issues are sorted out.
“As gambling becomes legal, we will already be positioned to immediately offer that functionality to the WPT community,” a letter to WPT shareholders from Mandalay Media states.
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