Blackout Media Corp (BKMP)

[analyzethis]

EliteXC and ProElite have filed for bankruptcy and are on the verge of folding, according to several published reports that surfaced late Monday evening.

All of the company's employees will be released from their respective contracts.

Officials from ProElite, CBS and Showtime could not be reached for an official statement, but all signs point to the demise of the mixed martial arts organization.

EliteXC's next show, headlined by Eddie Alvarez vs. Nick Diaz, was scheduled for Nov. 8 in Reno. That show now appears to be cancelled.

Reports cite negative feedback from CBS towards Seth Petruzelli's comments made on a morning talk show, in which he said he was told to stand with Kevin "Kimbo Slice" Ferguson in the main event of the third installment of "Saturday Night Fights" on CBS.

Upon hearing the negative feedback surrounding the investigation of EliteXC following Petruzelli's comments, CBS had halted negotiations with ProElite, leaving a $55 million deficit in their hands.

As a result of a lack of funding and impeding negotiations with CBS, EliteXC and ProElite will be left with no alternative other than to shut down.