CKX Posts Record Earnings
CKX Inc., the company headed by onetime concert industry rollup king Robert F.X. Sillerman, posted record earnings for 2008, despite declines in its Elvis Presley and Muhammad Ali licensing businesses.
OIBDAN rose 45.1 percent to $96.7 million in 2008. Net operating income of $19 million declined $1.6 million from 2007. Operating income excluding impairment charges was $72.6 million compared with $42.8 million in the prior year.
Revenue for the company increased 8 percent over 2007 to $288.1 million, thanks to a 15.9 percent revenue increase at 19 Entertainment, which owns the worldwide “Idol” (as in “American”) franchise.
“We are pleased to report significant growth in our 2008 revenue and OIBDAN. These exceptional results are a testament to the strength of our underlying brands, including ‘American Idol’ and Elvis Presley,” Sillerman said in a statement.
“With several new initiatives already underway and planned, the outlook for 2009 and 2010 continues to be extremely positive.”