Move over TUF, here comes EliteXC. Earlier this week, ProElite, Inc., the parent company of EliteXC, filed a current report with the Securites and Exchange Commission disclosing that it had entered into an agreement with Emmy award winning producer Mark Burnett to create a new mma reality show. For those of you who don't know, Burnett is the man responsible for the shows Survivor, the Apprentice, Rock Star and the Contender. Basically, EliteXC joining forces with Mark to create an mma reality show is the equivalent of an mma organization joining forces with Martin Scorsese to create an mma motion picture.
Details of the actual agreement were limited, but what we do know is that Mark will have ultimate control over the series and there is a possibility of Mark producing ppv events based on the series. Burnett is set to receive 17,000,000 shares of ProElite common stock exercisable at $3.00 per share in exchange for his services. As of June 21, there were approximately 43 million shares of ProElite common stock outstanding trading at $12.00 per share.
So after trumping the UFC/Xenergy partnership by allying with Rockstar energy drink, and trumping UFC 72 with the Baroni v. Shamrock Strikeforce card, EliteXC appears to have just trumped TUF as well. Looks like we got a fight on our hands.
Details of the actual agreement were limited, but what we do know is that Mark will have ultimate control over the series and there is a possibility of Mark producing ppv events based on the series. Burnett is set to receive 17,000,000 shares of ProElite common stock exercisable at $3.00 per share in exchange for his services. As of June 21, there were approximately 43 million shares of ProElite common stock outstanding trading at $12.00 per share.
So after trumping the UFC/Xenergy partnership by allying with Rockstar energy drink, and trumping UFC 72 with the Baroni v. Shamrock Strikeforce card, EliteXC appears to have just trumped TUF as well. Looks like we got a fight on our hands.
UPDATE: Looks like EliteXC just snagged LHW contender Sokoudjou from underneath Zuffa as well.
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Can someone do the math and tell me how much Burnett is getting paid for this? I must have screwed it up because I can't imagine anyone giving him that much for a fight-based reality series after the total failure of The Contender.
Obviously... EliteXC is bleeding and they need a Ultimate Fighter show to save them. If this fails, 17 million shares is worth... zero.
The value of the warrants is very difficult to determine because the company is traded so thinly. But if Mark's only income (or a large part of his income) from this deal is warrants , that would represent a huge vote of confidence on his part of the success of EliteXC.
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