• Sport Illustrated, Wednesday, October 22, 2008 9:15 AM

Mixed martial arts were supposed to be the next big media phenomenon. Less than two years ago, Showtime co-founded ProElite as an entertainment and media company to tap the trend. When CBS broadcast four live EliteXC events in prime time this year, the sport gained a tremendous amount of visibility.

Now ProElite and its promotional brand EliteXC, are gone. The group notified employees and fighters this week it was shutting its doors effective immediately.

ProElite hemorrhaged millions during its short life. Negotiations with Showtime to buy the company broke down recently and its funding quickly dried up, forcing the closure this week.

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