A media conglomerate, Allied Entertainment, is divesting itself of the World Poker Tour for a sum of $78 million. The entertainment firm will transfer its poker-centric operations and holdings, encompassing the entities that constitute the World Poker Tour (WPT), to Element Partners, LLC.
Element will disburse $78.3 million to procure the WPT, with an initial payment of $68.3 million and the balance of $10 million distributed over a three-year period following the finalization of the agreement. Allied Entertainment will also be entitled to a 5% portion of the tournament entry fees generated under the WPT brand.
This divestiture enables Allied Entertainment to rebrand as a publicly traded holding company with a strategic focus on “digital entertainment, encompassing but not limited to real-money gaming and other gaming sectors.”
The World Poker Tour, a prominent entity in the realm of poker, organizes events spanning five continents and commands a substantial viewership. Annually, 150 million spectators tune in to witness the televised tournaments, which feature prize pools reaching an impressive $1 billion. Although the global health crisis compelled the WPT to function predominantly as an online platform in 2020, it has sustained its position as a significant presence within the poker community.
Allied Entertainment CEO, Frank Ng, emphasized the WPT’s ability to weather the pandemic, noting that the business attained “substantial and favorable outcomes” despite the unprecedented obstacles.
Adam Pliska, CEO of the WPT, conveyed his appreciation for Allied Entertainment’s backing and expressed his enthusiasm for the future. He and his executive team are optimistic about the forthcoming chapter for the WPT brand and the extensive prospects that await.
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