According to Sam Caplan at Fiveouncesofpain.com:
Showtime Networks signaled through a filing with the Securities and Exchange Commission on Thursday its intentions to commence formal negotiations towards an acquisition of ProElite, Inc.
ProElite is the parent company of EliteXC, King of the Cage, Cage Rage, and ICON Sport and has television deals with Showtime, CBS, and Fox Sports Net but has also absorbed losses of approximately $55 million since its inception in late 2006. Showtime is a subsidiary of CBS Corp. and owns an existing 20 percent stake in ProElite.
ProElite warned investors of financial instability in an SEC filing this past August, stating that the company did not have enough resources to function into next year without securing additional financing.