Showtime Networks filed public notice with the U.S. Securities and Exchange Commission Thursday announcing its intention to enter preliminary negotiations for the purchase of Pro Elite Inc.

Showtime, a subsidiary of the parent conglomerate CBS Corporation, already enjoys broadcasting deals with the Los Angeles-based company on both its premium cable channel and CBS. Showtime also has a 20% ownership stake in Pro Elite.

The potential acquisition could not come at a more opportune time for the fledging company, as Pro Elite faces a $55 million deficit accrued during its two years of operation.

Founded in 2006, Pro Elite promoted its first EliteXC event in February 2007. Under its EliteXC and ShoXC brands, it has fired off 15 events to date.

Over the last 24 months, Pro Elite has also acquired the King of the Cage, Icon Sport, Rumble on the Rock, and Cage Rage brands, and promoted numerous events under those names.

Chris Deblasio, Director for Sports Communication at Showtime, had no comment on the potential sale.

Pro Elite reps also refrained from comment.

The third edition of EliteXC’s “Saturday Night Fights” will broadcast on Oct. 4 on CBS, featuring monster attractions Kevin "Kimbo Slice" Ferguson and Gina Carano.