UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On February 11, 2021, WPT Enterprises, Inc. (“WPTE”), a wholly-owned subsidiary of Allied Esports Entertainment, Inc. (“AESE”), entered into an agreement (the “Amendment”) with Fox Sports Net, LLC (as successor-in-interest to National Sports Programming) (“FSN”) to amend certain provisions of the Program Production and Televising Agreement, dated as of July 25, 2008 (as amended from time to time, the “ClubWPT Agreement”) and the Network Distribution Agreement, dated as of May 24, 2016 (as amended from time to time, the “Network Agreement”, and together with the ClubWPT Agreement, the “Agreements”). The Amendment makes certain amendments to the Agreements, including, but not limited to:
| (i) | Allowing WPTE to use $257,500 owed from WPTE to FSN in connection with FSN’s revenue share arrangement with WPTE’s ClubWPT online subscription product (“ClubWPT”), for the on- or off-line marketing and promotion of ClubWPT; |
| (ii) | Clarifying that the final season of the WPT television show (the “Show”) to be aired on FSN under the current Network Agreement would be Season 18, to be produced between February 1, 2021 and December 31, 2021; |
| (iii) | Lowering FSN’s net revenue share percentage in ClubWPT from 45% to 35% for Season 18 of the Show; and |
| (iv) | Adjusting FSN’s exclusive bargaining window with regard to the rights to air new seasons of the Show so that it commences on March 15, 2021 and ends on May 15, 2021. |
The remaining terms of the Agreements, previously reported in the Company’s Current Report on Form 8-K filed with the SEC on August 15, 2019, remain in effect.
The foregoing description of the Amendment is qualified in its entirety by reference thereto, which is filed as Exhibit 10.1 to this Current Report, and is incorporated herein by reference.
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| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 10.1 | Letter Agreement dated February 11, 2021 by and between WPT Enterprises, Inc. and Fox Sports Net, LLC |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: February 18, 2021
| ALLIED ESPORTS ENTERTAINMENT, INC. | ||
| By: | /s/ Tony Hung | |
Tony
Hung, Chief Financial Officer
| ||
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EXHIBIT INDEX
| Exhibit No. | Description |
| 10.1 | Letter Agreement dateds February 11, 2021 by and between WPT Enterprises, Inc. and Fox Sports Net, LLC |
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