Apollo Considering CKX Bid?

Private equity firm Apollo Management has reportedly taken meetings with rival bidders Allen Shapiro and Robert Sillerman seeking ways to finance a possible deal to purchase “American Idol” parent CKX.

Sources told the New York Post Apollo is considering buying CKX outright or through debt financing. CKX is valued at around $550 million, the paper reports, and owns marketing rights to Elvis Presley and Muhammad Ali in addition to the “Idol” franchise.

Murmers about a possible sale of CKX seem to have died out recently, after first heating up in May. Sources told the Post that JP Morgan Chase’s One Equity Partners backed out of a possible partnerships with Shapiro. Sillerman said in September he was preparing a cash offer for $5.50 to $5.75 per share for a controlling stake in the company.

CKX stock dipped below $5 per share Oct. 6 from its 52-week high of $7.40 in Oct. 2009. The Post reports there’s some concern that the company has yet to renew its contract with Fox TV for a 10th season of “American Idol.”

In other CKX news, the company announced it has appointed Kraig Fox as its chief operating officer. Fox has been with CKX since its formation in 2005 and served as chief corporate development officer and executive VP. He will oversee all global operations, reporting to CEO Michael Ferrel.