WPT Enterprises, Inc. (NASDAQ:WPTE)
Industry: Services
WPT Enterprises, Inc. (WPTE) creates branded entertainment and consumer products driven by the development, production and marketing of televised programming based on gaming themes. The Company develops and owns the World Poker Tour (WPT), television series, based on a series of high-stakes poker tournaments, airs in the United States on the Travel Channel and in more than 140 territories globally. The Company has four operating units: WPT Studios, WPT Consumer Products, WPT Corporate Alliances and WPT Online Gaming. The Company licenses its brand to companies in the business of poker equipment and instruction, apparel, publishing, electronic and wireless entertainment, DVD/home entertainment, casino games, and giftware. On February 3, 2005, the Company entered into an agreement with WagerWorks to develop a WPT-branded real-money gaming Website. WPT Studios WPTE's multi-media entertainment division generates revenue through the domestic and international licensing of broadcast and telecast rights and through casino host fees. The Company licenses the WPT series to the Travel Channel, L.L.C. (TRV) for telecast in the United States under an exclusive license agreement. The Company also has license agreements for the distribution of its World Poker Tour episodes in over 140 territories. In addition, the Company signed a license agreement with TRV to telecast its new Professional Poker Tour (PPT), series. The Company also collects annual host fees from the member casinos that host World Poker Tour events. WPTE has entered into a series of agreements with TRV for the United States distribution of the WPT television series (the WPT Agreements). For each season covered by the WPT Agreements and related options, TRV has rights to exhibit the episodes in that season an unlimited number of times on its television network (or any other television network owned by Discovery Communications) in the United States for four years (three years for the episodes in Season One). The Company has produced three complete seasons of the World Poker Tour series under the WPT Agreements, and season four is in production. TRV also has options to license the three seasons (Seasons Five through Seven). Under the WPT Agreements, TRV pays fixed license fees for each episode the Company produces, which are payable at various times during the pre-production, production and post-production process and are recognized upon TRV's receipt and acceptance of the completed episode. WPTE has also entered into an agreement with TRV for the United States distribution of the PPT television series. Similar to the WPT Agreements and related options, TRV has rights to exhibit the PPT episodes in that season an unlimited number of times on its television network (or any other television network owned by Discovery Communications) in the United States for four years. The Company is in production on Season One of the PPT, and TRV has options to license the three seasons (Seasons Two through Four). WPT Consumer Products WPT Consumer Products, WPTE's branded consumer products division, generates revenues principally through royalties from the licensing of its brand to companies seeking to use the World Poker Tour brand and logo in the retail sales of their consumer products. In addition, this business unit generates revenue from direct sales of company-produced branded merchandise. The Company also generates revenues from existing licensees, including US Playing Card, mForma, Jakks Pacific, and MDI. The Company also has a number of licensees that are developing new licensed products including slot machines from IGT, and interactive television games from Pixel Play. WPT Corporate Alliances WPT Corporate Alliances, WPTE's sponsorship and event management division, generates revenue through corporate sponsorship and management of televised and live events. The Company's sponsorship program uses the professional sports model as a method to foster entitlement sponsorship opportunities and naming rights to major corporations. Anheuser-Busch has been the
As Of: 10/07 00:00 ET
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