Mark Burnett Could Invest $50 Million into ProElite
Pro Elite continues to gain ground on MMA juggernaut UFC with recent news that it has teamed up with reality show juggernaut Mark Burnett (The Producer of Survivor and The Apprentice).
The terms of the deal actually go for beyond simply producing yet another reality series (that happens to center around mixed martial artists):
“The pact between ProElite and Mark Burnett Prods. calls for Burnett’s company to produce the potential series, whose contestants would be signed by ProElite. The companies would pursue Internet extensions on ProElite’s Web sites and would share revenue from their joint endeavors, including pay-per-view events.
As part of the deal, Burnett gets the right to buy up to 17 million shares of ProElite at $3 a share in eight tranches tied to the success of their joint efforts.
Sources said that ProElite had approached Burnett to collaborate on expanding its MMA business into television and other mediums. It is understood that there is no concept for the primetime series yet, and talks about any joint media ventures between Burnett and ProElite remain in the exploration stage.”
You can read the entire article at Hollywood Reporter which is one of the most established publications in the entertainment industry.
