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Party Poker Buys the World Poker Tour

Business, 2009-08-25, by Ozone

Although it was reported earlier this month that the World Poker Tour was sold to Gamynia Limited, that deal has been terminated after Party Poker made a larger offer this week. Gamynia's offer of $9.1 million was initially agreed upon by both parties, but now Peerless Media, a subsidiary of PartyGaming, has agreed to buy the struggling poker brand for $12.3 million.

This deal also includes "an ongoing 5% participation in gaming and other revenues generated by the assets." World Poker Tour Enterprises will retain their cash and future licensing revenues for their Season Seven sponsorship deal with PokerStars.

PartyGaming now owns intellectual property rights to the WPT television library as well as branding rights. It is conceivable that Party Poker will use this acquisition to open a WPT-themed skin on their online poker network.

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