GSN Sues Gaming Company THR
GSN, the game show network, has filed a lawsuit against Bash Gaming, claiming the network was about to acquire the company for as much as $160 million when Bash pulled out at the last possible second and agreed to be bought by another buyer, according to The Hollywood Reporter's Hollywood, Esq.
GSN claims Bash Gaming, which makes casino games for social and mobile platforms, had agreed verbally and in principle to the acquisition. But at the last second, Bash instead made a deal with an unidentified purchaser, the story reports.
The lawsuit, filed against Bash Gaming, two executives and The Raine Group, asks to enforce the terms of the sale, and seeks damages of at least $25,000. GSN is also seeking "an amount equal to the difference between what it was to pay for Bash and what the third party is paying, which would have been its immediate upside in the value of the transaction," the story adds.
The piece notes: "According to the suit, negotiations for GSN to buy Bash, whose top seller is a cross-platform bingo gaming product -- Bingo Bash -- began in summer 2012. GSN said it wanted to acquire Bash to expand its reach to mobile customers."
The lawsuit also alleges that Bash agreed not to negotiate a purchase with any other party before the closing, the story adds.
GSN is a joint venture between Sony Corp. and DirecTV. Requests for comment from Bash, its executives and Raine didn't receive a response, according to the piece.