Fuller Eyeing CKX

Simon Fuller, the impresario behind the worldwide “American Idol” franchise, is rumored to be preparing to take over the reins of CKX, the parent company of his 19 Entertainment.

With Fuller at the helm, 19 Entertainment generates considerably more profits than the rest of CKX, a source reportedly close to the matter told the U.K.’s Telegraph, which has gained the attention of the board.

“Fuller will sell his stock, once he has finished negotiating his new package with the board, and then will take over the CKX business within the next year,” the source said.

“It is a stage-by-stage process which will see him head the whole company. The board want him to increase his power because of the huge profits 19 Entertainment generates – compared to the rest of the business. Then it is expected he will try to take the company private.”

This isn’t the first time Fuller has tried to purchase the entertainment and licensing company.

CKX CEO Robert F.X. Sillerman and Fuller launched a $1.33 billion bid to take the company private in 2007. However, the deal eventually faltered over tightening credit conditions.

While Fuller announced in November that 19 Entertainment revenues for the third quarter were down from $78.8 million in 2008 to $71.4 million in 2009, the company apparently has a few tricks up its sleeve in the coming year.

Fuller’s newest venture, “If I Can Dream,” will debut on Hulu.com in early 2010 and follow aspiring actors, a model and musician as they try to make it in Hollywood. He also will reportedly produce an upcoming film.