WPT: Network Withdraws "Pro Poker" Offer
Thursday September 29 Press Release
WPT Enterprises: Cable Network Withdraws Offer to Broadcast "Professional Poker" Series
LOS ANGELES (AP) -- WPT Enterprises Inc. on Thursday said a cable network withdrew its offer to buy broadcast rights to the "Professional Poker Tour" series, but WPT said it has resumed negotiations with the Travel Channel.
The Travel Channel currently broadcasts WPT's "World Poker Tour" TV series.
On Sept. 19, WPT sued the Travel Channel and its parent company, Discovery Communications Inc., to prevent the broadcaster from interfering with WPT's prospective contract with the other, unnamed company. WPT is currently negotiating with the Travel Channel to broadcast the "Professional Poker" series "despite the dispute."
Shares of WPT fell 64 cents, or 7.1 percent, to $8.34 in morning trading on the Nasdaq. The stock reached a 52-week peak of $29.50 in July, but is now nearing its year-ago low of $7.65.
(London)
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