What did they do? What do they do?
I understand they used to own Elite XC,
are they a management company?
a group of people who started Elite EC?
Does them coming back mean anything?
They had Reed Cook as featured fighter of the week. Lost all street cred with the GB...
They are owned by Stratus Media Group: http://www.stratusmediagroup.com/
Stratus Media Group, Inc. is an owner, producer, promoter and operator of live entertainment events that generate revenue through corporate sponsorships, ticket sales, corporate hospitality, event merchandise and concessions. We also provide athlete management, representation and endorsements.
As long as shaw ain't at the helm I'm in support. Even more so after hearing tj Thompson is on board again. 
Skala
Parent company of EliteXC which eventually acquired and caused the demise of Icon Sport, Cage Rage, Rumble on the Rock, Spirit MC, and of course EliteXC itself. They were the first company to stream live prelims that I remember, and they also used to stream Icon and Cage Rage events on their website, which was definitely cool.
The whole Kimbo fiasco ruined them, but recently it was found out that they were a potential buyer or Strikeforce when they were up for sale earlier this year. I'm interested in seeing where they go from here, but having TJ Thompson (former SuperBrawl promotor, which eventually became Icon Sport) in charge is a good start. Also from what I understand they will have Rich Chou as their matchmaker.
I miss Cage Rage and their colour commentators.
At one time they looked like they were going to be big.
All of the Elite-XC events were great. All of the venues were packed.
But behind the scenes they were throwing away too much money, too quickly.