WPT Enterprises also released their fourth quarter and 2008 results and held an earnings call. Generally, things aren't going well: they continue to burn through their cash. Some highlights:
- They're looking into strategic alternatives and providing confidential information to certain parties, code words for discussing a sale of the company. Further hints come from the company's recent 8-K, which reveals CEO Steve Limscomb's compensation in the event of a sale: 5% of any excess over the fair market value of the company's financial assets plus six months' severance.
- They don't plan to continue to produce Club WPT shows, as the $1.2 million they spent for 13 episodes wasn't cost-effective marketing. They'll shift to online marketing efforts, such as affiliates.
- WPT China hasn't produced much revenue and they're looking for a partner, as "The cash needs to support the growth in this business are greater than the Company is willing to expend."
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