Private equity firm to buy 'American Idol' parent, owns Elvis, Ali images too

NEW YORK (AP) -- The company that is parent of "American Idol" and owns the rights to the name, image and likeness of Elvis Presley and Muhammad Ali is being sold for about $511 million in cash.

A private equity group led by Apollo Global Management said Tuesday it will pay $5.50 per share for CKx Inc. That is a 24 percent premium to the stock's closing price Monday of $4.45.

The company had about 92.9 million shares outstanding as of March 31.

The board and CKx's largest shareholder support the deal. A cash tender offer is expected to start soon and expire in 20 days.

The news came as New York-based CKx says it earned $7.2 million in the first quarter despite a 20 percent drop in revenue as it cut expenses.

(Copyright 2011 by The Associated Press. All Rights Reserved.)

You must be logged in to post comments.

Password (case sensitive):
Remember Me:


6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Copyright © 2015 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 121560429 -
Gray Television, Inc.