(‘CBS, man, let me hold twenty bucks.’)
We all knew that CBS was getting more and more involved with EliteXC’s possibly illegal operations, but according to a recent SEC filing (dug up by the intrepid lads at MMA Payout) they are now officially bankrolling entire events. At least, that’s what they did with the Oct. 4 show after EliteXC told them they were “unable to deliver” the event under the current terms of the agreement:
Accordingly, the Company and CBS agreed to amend the Agreement whereby CBS would assume all expenses for the event and receive all revenue from the event. CBS advanced the estimated event costs according to an agreed upon budget in order for the Company to pay expenses related to the event. Additionally, the Company and CBS waived mutual exclusivity under the Agreement for the Sunrise Event.
So not only is CBS paying the cost to put on EliteXC events, they’re also taking all the revenue and dropping it straight into their coffers. Now, I’m no financial expert, but isn’t this basically the same as the relationship between a pimp and a prostitute? CBS funds the operation. EliteXC puts on the show. Then EliteXC has to give all the money to daddy. In return, maybe CBS buys EliteXC something shiny and pretty at the mall on Sunday.
I know that relationship is as old as civilization itself, but it doesn’t sound like such a good deal if you’re EliteXC.
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Comments
Thu, 10/09/08 - 03:19
Could it be that CBS has nobody in their camp that knows jack about MMA? Nobody that could have seen that EXC was a sub-par organization and this would end badly? You'd think they'd have guys that do nothing but research possible business endeavors, right? Someone at EXC is one hell of a salesman.
Thu, 10/09/08 - 03:20
Who got the money for the advertisers on the ring? If ProElite can generate interest maybe they can get more money from Showtime or another network. Tough to say how this is really working in the background..even if there is some ho slapping taking place.
Thu, 10/09/08 - 03:32
The most important thing about this is that they no longer are exclusive to EliteXC only. That means there is more to the rumors of UFC taking over the deal. Also it's funny that the reason they needed to foot the bill is that ProElite told them they can't afford to put on the show. Things are looking reaaaaaaallly bad.
Thu, 10/09/08 - 03:33
This maybe a decent deal if the hooker can't afford to put on her own shows or feed herself without him as EXC doesn't seem capable of living without a feeding tube and respirator.
Thu, 10/09/08 - 03:37
Wow, shit is just unraveling by the minute. Dana called this one. God damn suits!
Thu, 10/09/08 - 03:38
CBS is Joe Soning them bitches at EliteXC
Thu, 10/09/08 - 03:53
F'ing amazing caption!
Thu, 10/09/08 - 04:18
This really isn't that bad a relationship if EXC actually makes the foray into PPV. That said, I take this as meaning that CBS now owns EXC. Either that or EXC is is out of business and CBS needed to put the show on because it had been planned for a while.
Thu, 10/09/08 - 04:18
So did CBS pick up Arlovski's tab too?
Thu, 10/09/08 - 04:21
With CBS cutting the checks, the FCC and/or FBI should look into the possible fight fixing allegations in the Kimbo/Petruzelli farce.
Thu, 10/09/08 - 05:09
@Markdog: No, Affliction paid Arlovski and Nelson. This has nothing to do with the show from last weekend. This is all about the one remaining show they had contracted for in the future.
Thu, 10/09/08 - 06:05
EliteXC sounds like a bunch of dumb MF'ers that don't know shit about business. The clock is ticking for them, that is for sure.
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