ProElite may soon be purchased outright by Showtime, as the subsidiary of parent conglomerate CBS Corp. filed a public notice of intention with the U.S. Securities and Exchange Commission.

Showtime already has a 20% stake in ProElite; a fight organization which holds events broadcast on the cable network and has long been rumored to be in financial trouble. These rumors were given credibility when it became public knowledge that the Los Angeles-based promotion is facing some $55 million of debt.

Of all the banners ProElite holds fights under, the most popular are its EliteXC and ShoXC marquees. ProElite reps declined to comment, however we will keep our eyes and ears open over the coming days for an official announcement (should the purchase go through).