WPT Enterprises Inc., which produces the World Poker Tour and the World Poker Tour television series, has agreed to sell its assets.

According to media reports, the company said Monday it will sell its operating assets to Peerless Media Ltd.

The assets include the World Poker Tour library of past TV episodes, all World Poker Tour brands and all existing contracts.

Peerless Media Ltd. is a subsidiary of Party Gaming Plc, the British firm that owns online poker room Party Poker (www.partypoker.com) and other online gambling sites.

Peerless Media Ltd. is to pay about $12 million for the assets–$1 million upfront and the rest when the deal is finalized.

Under the terms of the deal, Peerless Media Ltd. will also pay WPT Enterprises Inc. 5% of all future earnings that are acquired from the use of WPT brands, with a total of at least $3 million guaranteed over the next three years.

“PartyGaming has been an important partner for a couple of years and we are confident that they will be an excellent manager of our brands in the future,” said Steve Lipscomb, World Poker Tour Enterprises Inc. president and chief executive officer.

Upon release of news of the deal, stock shares of WPT Enterprises Inc. were down a penny, closing at $1.05.

(E-mail Tom Somach at tomsomach@yahoo.com.) ?