Sherdog is reporting that Showtime Networks has publicly filed notice to the Securities and Exchange Commission that they intend to enter preliminary 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 many other smaller promotions like Cage Rage, King of the Cage and Rumble on the Rock.
Showtime has been the home of EliteXC programming since its debut back in February 2007. They are a large reason why EliteXC was able to land a television deal with CBS. Showtime is a subsidiary of their parent company, CBS.
During its two year existence, Pro Elite has lost upwards of $55 million dollars and the financial status of the company isn’t getting any better.
Already holding a 20% stake in Pro Elite, Showtime is looking to gain a majority stake which is something that doesn’t come as a surprise to those who are close to the situation.